sis on liberalisation of foreign trade and foreign investment in India.
Ans. World Trade Organisation (WTO)
13. When was the UNO established?
Ans. The UNO was established on 24 October, 1945.
14. When was the WTO established?
Ans. The WTO was established on 1st January, 1995.
15. Where is the main Head Office of WTO?
II SHORT ANSWER TYPE QUESTIONS
01. Explain the process of Globalisation.
02. Discuss the need of Globalisation.
03. Explain the features of World Trade Organisation in brief.
04. Explain the objectives of the new economic policy.
05. Exlpain the need of the Economic reforms of New Economic Policy.
III LONG ANSWER TYPE QUESTIONS
01. What are the main features of Economic reforms?
02. What are the arguments in favour of economic reforms?
03. Discuss the arguements against Economic reforms.
04. Explain the achievements of economic reforms.
05. Analyse one good and one bad effect of globalisation in India?
06. Discuss any four functions of WTO?
07. Why did the Indian Government put barriers to foreign trade and foreign investment?
IV MULTIPLE CHOICE QUESTIONS
01. Globalisation is a process of integration of world economics to realise the benefits of geography, demography, cost and efficiency. Which three characteristics represent globalisation?
(1) Increasing space
(2) Shrinking space
(3) Strengthened borders
(4) Shrinking Time
(5) Disappearing borders
(a) (2), (3) and (4)
(b) (1), (2) and (3)
(c) (1), (2) and (4)
(d) (1), (3) and (4)
(e) (2), (4) and (5)
02. While globalisation has benefited most of the groups, it has been a disadvantage for
(a) many small producers and workers who have suffered as a result of therising competition
(b) cheap labour working in small firms
(c) Indian producers and workers who are not well educated and skilled
(d) all of the above
03. In an economist's view, which of the following perspectives of globalisation is most suitable?
(a) The rise of global media and global culture
(b) The emergence of global institutions and global conflicts
(c) The development of communication technologies
(d) The growth of international trade and the increase in international trade flows
(e) The decline of sovereignty of the nation state
04. Removing barriers or restrictions set by the government is known as
(d) fair trade practice
05. Globalisation is often criticised by political scientists on account of loss of sovereignty of the nation
06. Globalisation has proved to be advantageous for the Indian economy on account of
(a) lesser competition among producers
(b) greater competition among producers
(c) no change in competition among producers
(d) none of these
07. MNCs work in several countries to realise the benefits of globalisation. In fact, they can help the developing countries to
(1) absorb domestice labour, especially in skilled jobs
(2) increase productivity through foreign technology and innovative methods of production
(3) reduce balance of payments deficit
Select the correct combination
(a) (1) and (2) only
(b) (2) and (3) only
(c) (1), (2) and (3)
(d) none of these
08. Investment made by MNCs is called
(a) Investment ny MNCs
(b) Foriegn investment
(c) Multinational investment
(d) Investment abroad
09. WTO seeks that countries of the world negotiate on Trade liberalisation. Every participating country should get welfare gains from WTO negotiations. However in practice, some developing countries mainly in Sub Saharan Africa did not gain very much from the past rounds of trade liberalisation. Why?
(a) Specialisation of poor countries remains in same products, clothing and commodities. Relative prices of these products fell resulting in falling terms of trade which has a negative effect on welfare
(b) Developing countries demand betther access to the markets of industrialised countries while maintaining the freedom to have high trade barriers themselves. As a result, they do not liberalise themselves, thus limiting the benefits from trade liberalisation
(c) Developing countries do not benefit as the trading oppurtunities offered by trade liberalisation are captured by multinational companies