CBSE Class 10 Social Science Globalization and the Indian Economy Assignment

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Globalization And The Indian Economy Class 10 Economics Assignment Pdf

Class 10 Economics students should refer to the following printable assignment in Pdf for Globalization And The Indian Economy in standard 10. This test paper with questions and answers for Grade 10 Economics will be very useful for exams and help you to score good marks

Class 10 Economics Assignment for Globalization And The Indian Economy

SHORT ANSWERS TYPE QUESTION 

Q.1 Write four functions of WTO.
Ans. Four functions of WTO are:
(i) Administering trade agreements between nations. (ii) Forum for trade negotiations.
(iii) Handling trade disputes. (iv) Maintaining national trade policy.
 
Q.2 What is the impact of WTO on Indian economy?
Ans. The impact of WTO on Indian economy is:
(i) An opportunity to India for trading with other member countries.
(ii) Availability of foreign technology to India at a reduced cost.
(iii) Many laws of WTO are unfavorable to the developing countries like India.
(iv) Certain clauses of WTO agreement on agriculture put restrictions on the provision of subsidized food grains in India.
 
Q.3 What is trade barrier? How governments can use trade barriers?
Ans. Any kind of restrictions imposed on trade is called a trade barrier.
Governments can use trade barriers to increase or decrease (regulate) foreign trade and to decide what kinds of goods and how much of each, should come into the country.
 
Q. 4 What is privatization and liberalization?
Removing barriers or restrictions set by the government on trade is called liberalization. Thus, privatization and liberalization results in freedom from closed and regulated economy.
 
Q. 5 How MNCs can spread their production?
Ans. MNCs can spread their production by:-
1. Setting up joint production units with local companies.
2. To Buy up local companies and expanding its production base.
3. Placing orders with small producers
 
Q.6 Mention three factors responsible for globalization.
Ans. (i) Growth of MNCs.
(ii) Growth of technology.
(iii) Development in transport and communication technology.
 
LONG ANSWER TYPE QUESTIONS

Q.1 What do you mean by Globalization? What are the effects of globalization in India?
Ans. Globalization is the integration or interconnection between the countries through trade and foreign investments by multinational corporations (MNCs).
Positive impacts:-
1) Greater choice and improved quality of goods at competitive price and hence raises standard of living.
2) MNCs have increased investments in India.
3) Top Indian companies emerged as multinationals.
4) Created new opportunities for companies providing services like IT sector.
5) Collaborations with foreign companies help a lot to domestic entrepreneurs.
Negative impacts:-
1) Indian Economy faced the problem of brain drain.
2) Globalization has failed to mark its impact on unemployment and poverty.
3) Cut in farm subsidies.
4) Closure of small industries.
 
Q.2 What is WTO? What are the aims of WTO? What are the drawbacks of WTO?
Ans. WTO is World trade organization. It is an organization which is in favour of increasing the world trade
through globalization.
The aims of WTO are:
(i) To liberalise international trade by allowing free trade for all.
(ii) To promote international trade among the countries of the world in an open uniform and nondiscriminatory manner.
(iii) Removal of both the import and export restrictions.
The drawbacks of WTO are:
1) WTO is dominated by the developed country
2) WTO is used by developed countries to support globalization in areas that are not directly related to trade.
3) Though WTO is supposed to allow free trade for all, in practice, it is seen that the developed countries have unfairly retained trade barriers.
 
Q.3 What are MNCs? How the MNCs functions? What are the main guiding factors of MNCs?
Ans. MNCs are Multinational corporations. It is a company that owns or controls production in more than one Nation. MNCs set up offices and factories for production in region where they can get cheap labour and other resources, closer to the markets. This is done to reduce the cost of production and the MNCs can earn greater profits. MNCs not only sell its finished products globally but also the goods and services are produced globally. The production process is divided into small parts and spread across the globe.
The main guiding factors of MNCs are:
(i) Cheap production
(ii) Closeness of production unit to the markets.
(iii) Favourable government policies.
 
Q.4 What are the ways through which MNCs spread their production and interact with local producers?
Ans. There are a variety of ways in which MNCs spread their production and interact with local producers in various countries across the globe.
(i) Setting up partnerships with local companies,
(ii) Using the local companies for supplies
(iii) Closely competing with the local companies or buying them up,
(iv) MNCs are exerting a strong influence on production at these distant locations so that they could produce at cheapest price and earn profit.
 

MCQs

1. MNC stands for

(i) Multinational Corporation (ii) Multination Corporation

(iii) Multinational Cities (iv) Multinational Council

2. Investment made by MNCs is called

(i) Investment (ii) Foreign Trade

(iii) Foreign Investment (iv) Disinvestment

3. Process of integration of different countries is called

(i) Liberalisation (ii) Privatisation

(iii) Globalisation (iv) None of the above

4. MNCs do not increase

(i) Competition (ii) Price war (iii) Quality (iv) None of the above

5. This helps to create an opportunity for the producers to reach beyond the domestic market

(i) Foreign trade (ii) Domestic trade (iii) Internal trade (iv)Trade barrier

6. Foreign Trade

(i) Increases choice of goods (ii) Decreases prices of goods

(iii) Increases competition in the market (iv) Decreases earnings

7. Globalisation was stimulated by

(i) Money (ii) Transportation (iii) Population (iv) Computers

8. Production of services across countries has been facilitated by

(i) Money (ii) Machine (iii) Labour (iv) Information and communication technology

9. Tax on imports is an example of

(i) Investment (ii) Disinvestment (iii) Trade barrier (iv) Privatisation

10. Liberalisation does not include

(i) Removing trade barriers (ii) Liberal policies

(iii) Introducing quota system (iv) Disinvestment

 

Answer Key of MCQ:

1(i) 2(iii) 3(iii) 4(iv) 5(i) 6(iv) 7(ii) 8(iv) 9(iii) 10(iii)

 

Important Questions for NCERT Class 10 Social Science Globalisation And The Indian Economy

Question. In recent years how our markets have been transformed? Explain with examples.
Ans. Until the middle of the twentieth century, production was largely organised within countries. What crossed the boundaries of these countries were raw materials, food stuffs and finished goods. Trade was the main channel connecting distant countries. But with the emergence of multinational corporations (MNCs), things have been changed. These MNCs are spreading their production and interacting with local producers in various countries across the globe.
Foreign trade integrates markets. It creates an opportunity for the producers to reach beyond the domestic markets. Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries. Similarly, for the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced.

Question. What was the main channel connecting countries in the past?
Ans. Foreign trade was the main channel connecting countries in the past.

Question. What is a tariff? Why is it imposed on goods?
Ans. A tariff is a tax imposed on goods when they are moved across a political boundary. Mostly, they are imposed on imported commodities.
Tariffs are imposed on goods
(i) To protect infant industries of the home country.
(ii) To prevent the dumping of foreign countries.
(iii) A source of revenue.

Question. Why do MNCs set up offices and factories in regions where they can get cheap labour and other resources?
Ans. MNCs do this so that the cost of production is low and they can earn greater profits.

Question. The international organisation formed for the liberalisation of trade is ......... .
(a) World Trade Organisation
(b) United Nations Organisation
(c) World Trade Centre
(d) Multi-national Corporation
Ans. A

Question. Explain the meaning of the term ‘globalisation’. State any two factors that have helped in the process of globalisation.
Ans. Globalisation refers to the integration between countries through foreign trade and foreign investments by multinational companies.
• It means integrating our economy with world economy.
• Under globalisation a country becomes economically interdependent at the global or international level.
• This happens at various levels.
• Producers from other countries can come and sell their goods and services in India.
• Similarly, Indian goods and services can be sold in other countries.
Two factors that have enabled Globalisation:
(i) Information Technology — Telecommunication facilities like mobile, internet fax have helped us at negligible cost. Now a new magazine published for London readers can be designed and printed in Delhi.
(ii) Liberalisation of foreign trade and foreign investment – In India, trade barriers that were imposed after independence to protect producers’ interests in the country from foreign competition were removed after 1991. Businessmen were allowed to import or export freely.

Question. How much did Ford Motors invest in India?
Ans. Ford Motors came to India in 1995 and spend ` 1700 crore to set up a large plant near Chennai.

Question. What are the benefits of foreign trade?
Ans. Benefits of foreign trade are:
(i) With the opening of trade, goods travel from one market to another.
(ii) Choice of goods in markets rises.
(iii) Prices of similar goods in two markets tend to become equal.
(iv) Producers in the two countries now closely compete against each other even though they are separated by thousands of miles.

Question. In what way does China provide advantage to the MNCs?
Ans. China provides the advantage of being a cheap manufacturing location.

Question. The most important factor that has stimulated globalisation is ......... .
(a) population explosion
(b) spread of education
(c) urbanisation
(d) rapid improvement in technology
Ans. D

Question. What are the factors that multinational companies take into account before setting up a factory in different countries?
Ans. Before setting up a company or a factory an MNC takes into account the following things.
(i) Availability of cheap labour and other resources: MNC’s set up offices and factories for production in various regions of the world where cheap labour and other resources are available in order to earn greater profit. For example: MNC may spread its production activities to the following countries – USA for designing a product, China for manufacturing components etc. By doing so it is able to reduce the cost of production.
(ii) Favourable government policy: If the government policies are favourable it helps MNCs. For example: Flexibility of labour laws will reduce cost of production. MNCs are able to hire worker on casual and contractual wages for a short period instead of a regular basis. This reduces the cost of labour for the company and increases its margin of profit.

Question. What is WTO? Why it has been formed?
Ans. World Trade Organisation (WTO) is an organisation whose aim is to liberalise international trade. It was set up in early 1995. It helps to remove trade barriers and create a free environment for foreign trade. It establishes rules regarding international trade and sees that these rules are obeyed. 149 countries are at present members of the WTO.
Though WTO is supposed to allow free trade for all, in practice, it is seen that the developed nations have unfairly retained trade barriers. On the other hand, WTO rules have forced the developing countries to remove trade barriers.

Question. Why are MNCs attracted to India?
Ans. India has high skilled engineers who can understand the technical aspects of production. It also has educated English speaking youth who can provide customer care services.

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