Which one of the following is a basic function of foreign trade?
It flourishes trade in the domestic market
Goods and services are produced for internal market
Investment is done to expand the trade within the domestic markets
One major government initiative to attract foreign companies to invest in India is
To raise the standard of education
To promote unemployment in the public sector
To build special economic zones
To promote village level programmes
The main inconvenience of barter system was
Transactions were many and complex
Lack of double coincidence of wants
The intermediate commodity need not be familiar
Prevalence of domestic system
The most dominant group in the World Trade Organization (WTO) is of
Developing countries
Developed countries
Countries of the middle east
Asian countries
What is the main feature of New Economic Policy?
Liberalization
Globalization
Privatization
All of these
Globalization means
Integration of the economy with world economy
Increasing degree of openness in respect of international trade
Process of transformation of the world in to a single economic unit
All the above
Foreign trade takes place in
Between two or more countries
Between states of a countries
Within the states of a country
Union territories
WTO aims at
Establishing rules for domestic trade
Restricting trade practices
Liberalizing international trade
Free trade
The member countries of WTO are
120
157
86
58
What steps can the government take to ensure that the benefits of globalization are shared better?
To ensure the proper implementation of labour laws
To support small producers to improve their performance
Using the trade and investment barriers, if necessary
