Globalization and Trade Barriers Quiz

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Questions and Answers

What does a tax on imports exemplify?

  • Liberalisation
  • Trade Barrier (correct)
  • Globalisation
  • Privatisation

What is one of the primary impacts of Trade Barriers?

  • Encouragement of foreign investment
  • Promotion of multinational corporations
  • Expansion of markets
  • Regulation of foreign trade (correct)

Which of the following is a challenge associated with Globalisation?

  • Disproportionate growth (correct)
  • International recruitment
  • Access to new markets
  • Access to new talent

Which entity is recognized as the premier forum for international economic cooperation?

<p>G-20 (D)</p> Signup and view all the answers

Which country is set to hold the G-20 Presidency for 2023?

<p>India (A)</p> Signup and view all the answers

What role do industrial zones like SEZs play in India?

<p>Attract foreign and domestic investment (A)</p> Signup and view all the answers

Which of the following is NOT listed as a theme for India's G-20 Presidency?

<p>Inclusive Growth (A)</p> Signup and view all the answers

Which statement about Cargill Foods and Tata Motors is correct?

<p>They are Indian MNCs. (A)</p> Signup and view all the answers

Flashcards

Trade Barrier

A measure that restricts international trade, often implemented by governments to protect domestic industries or achieve specific policy objectives. Examples include tariffs, quotas, and embargoes.

Liberalisation

The process of removing trade restrictions and opening up markets to international competition. It encourages free trade and helps businesses expand globally.

Disproportionate Growth

A challenge to globalisation, which refers to the uneven distribution of benefits from globalisation, leading to greater inequality between countries and within countries.

Multinational Corporations (MNCs)

International organisations that operate across national boundaries and are involved in various economic activities. Examples include Cargill foods and Tata Motors.

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Globalization

A significant economic event that involves the increased interconnectedness of economies, societies, and cultures across the world.

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What are Special Economic Zones (SEZs) in India?

Special Economic Zones (SEZs) are designated areas established by governments in India to attract foreign investment and promote economic growth.

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What is the G20?

The G20 is a premier intergovernmental forum for international economic cooperation. It comprises 19 countries and the European Union, representing the world's major economies.

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What is the main theme of India's G20 Presidency?

The primary goal of India's G20 Presidency is to address global challenges and promote inclusive and sustainable growth.

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Study Notes

Tax on Imports

  • Tax on imports is an example of a trade barrier.

Impact of Trade Barriers

  • Trade barriers can reduce foreign investment.

Factors Affecting Consumer Choices

  • Liberalization and privatization are responsible for the increased availability of goods and services.

Globalization

  • Rapid integration or interconnectedness between countries.
  • Removing trade restrictions.
  • Liberalization is responsible for removing trade restrictions.

Globalization Challenges

  • Disproportionate growth is a challenge of globalization.

Factors Contributing to International Market Integration

  • Foreign investment and foreign trade play crucial roles.
  • Foreign investment and foreign trade.

International Economic Cooperation Forum

  • The G-20 is a premier intergovernmental forum for global economic cooperation.

MNCs

  • MNCs are companies that operate in multiple countries.
  • MNCs own or control production facilities in many countries.
  • MNC investments are called foreign investment.

Trade Barriers and Liberalization

  • Removing trade barriers or restrictions set by the government is known as liberalization.
  • Liberalization promotes globalization.

WTO

  • The WTO has over 160 members.
  • The WTO works towards free and fair trade.

Technology and Globalization

  • Improvements in technology have accelerated the globalization process.
  • Everyone benefits from globalization.

Types of Industrial Zones

  • Special Economic Zones (SEZs)
  • Business Enterprises Zones (BEZs)
  • Industrial zones established by the central and state governments in India.

Matching Items

  • Exchange of goods and services between nations matches with globalization or international trade integration.
  • Global integration matches with the connection of markets in different countries.
  • Removing government trade restrictions is known as liberalization.

Fill in the Blank

  • The most common route for MNC investments is to buy up local companies and then to expand production.

Correct Statements

  • MNCs sell their products in local markets and international markets.
  • Foreign trade, not domestic trade, connects markets in different countries.
  • Privatisation, not globalisation, results in connecting markets.
  • Liberalization, not globalisation, is about removing government barriers.
  • The WTO, not UNDP, aims to liberalize international trade.

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