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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
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
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
(d) rapid improvement in technology
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.