Foreign Trade and Economic Development
Economics ⇒ Economic Development
Foreign Trade and Economic Development starts at 11 and continues till grade 12.
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See sample questions for grade 12
Define foreign trade and explain its significance in economic development.
Describe the relationship between foreign trade and economic growth.
Describe the role of export processing zones (EPZs) in promoting foreign trade and economic development.
Describe two ways in which foreign trade can contribute to economic development in India.
Discuss the challenges faced by developing countries in international trade.
Discuss the role of foreign direct investment (FDI) in promoting economic development through foreign trade.
Explain how foreign trade can help in the optimum utilization of resources.
India exports software services to the USA and imports crude oil from the Middle East. How does this affect India's balance of payments?
Which of the following is a major challenge for India in foreign trade? (1) Surplus of foreign exchange (2) High export diversification (3) Trade deficit (4) Low import dependency
Which of the following is a major export item of India? (1) Crude oil (2) Gold (3) Software services (4) Automobiles
Which of the following is a non-tariff barrier to trade? (1) Customs duty (2) Import quota (3) Export tax (4) Sales tax
Which of the following is a reason for a country to impose tariffs? (1) To encourage imports (2) To protect domestic industries (3) To reduce government revenue (4) To increase foreign competition
Fill in the blank: _______ is the policy of restricting imports to protect domestic industries.
Fill in the blank: The _______ account records all transactions related to exports and imports of goods and services.
Fill in the blank: The _______ is the international organization that deals with the global rules of trade between nations.
Fill in the blank: The _______ of a country refers to the total value of goods and services exported minus the total value of goods and services imported.
State whether the following statement is true or false: 'A country with a persistent trade surplus will always have a strong currency.'
State whether the following statement is true or false: 'A trade deficit occurs when a country's imports exceed its exports.'
State whether the following statement is true or false: 'Export promotion is a strategy to increase a country's foreign exchange earnings.'
State whether the following statement is true or false: 'Foreign trade can help in reducing poverty in developing countries.'
