Very Short Answer- Class 10 – Social Science -Economics-Chapter 4 : Globalisation and the Indian Economy

Very Short Answer- Class 10 – Social Science -Economics-Chapter 4 : Globalisation and the Indian Economy

Q1. Why did the Indian government remove barriers to a large extent on foreign trade and foreign investment?  

Ans :The Indian government removed barriers to a large extent on foreign trade and foreign investment so that the Indian companies could compete in the international market.

Q2. Define the term investment.

Ans :Investment can be defined as money spent for buying the inputs for the production like land, buildings, machines etc.

Q3. What is meant by trade barrier?

 Ans : Restrictions set by the government to increase or decrease (regulate) the foreign trade is what called trade barrier.

Q4. Differentiate between investment and foreign investment.

Ans :  Investment can be defined as money spent for buying the inputs for the production like land, buildings, machines etc. whereas foreign investment is the investment done by a investor from abroad or MNC is termed as foreign investment.

Q5. Why do MNCs setup their offices and factories in those regions where they get cheap labour and other resources?

Ans :  MNCs setup their offices and factories in those regions where they get cheap labour and other resources so that they can reduce their cost of production and maximize the profit.

Q6. Due to what reason are the latest models of different items available within our reach?

 Ans : It is due the policy of liberalisation, privatization and globalisation the latest models of different goods are available within our reach.

Q7.  Why had the Indian government put barriers to foreign trade and foreign investment after independence? State any one reason.

Ans :The Indian government put barriers to foreign trade and foreign investment after independence in order to protect the industries in India from the foreign competition as they were in the infancy stage

Q8. “Globalisation and greater competition among producers has been advantageous to consumers.” Justify the statement with examples.

Ans : It is true to state that Globalisation and greater competition among producers has been of advantageous to consumers. The consumers are getting advantage in the following ways:

a. They get different brands of the product.

b. They get the goods and services at cheaper rate.