Ch 22 - Indian Economy In The Global Context

Question 1

Give one advantage of international trade

Question 2

Define export.

Answer 2

The selling of goods and services by the domestic citizens to citizens in a foreign country is called exports.

Question 3

Define import

Answer 3

The buying of goods and services by domestic citizens from foreign countries is called import

Question 4

Name two main items of India’s exports.

Answer 4

India exports mainly engineering goods, handicrafts, chemicals and allied products, readymade garments, cotton yarn, iron one to France, Germany, UK, USA, Iran, UAE, China, Hong Kong, Singapore, some African and Latin American countries

Question 5

Name two items of India’s imports

Answer 5

Petroleum and lubricants are the most important items that India imports from the oil and petroleum exporting countries (OPEC) such as Iran, UAE, and Saudi Arabia etc
India also imports non-ferrous metals, capital goods (including electrical machinery, non-electrical machinery and transport equipment ) and fertilisers.

Question 6

Two major trading partners of India

Answer 6

USA and UAE

Question 7

State one common economic feature of India and China

Answer 7

Both, India and China have adopted a five year plan strategy

Question 8

Compare India, China and USA with regard to poverty