Indian Economy

What is foreign trade?

• The exchange of goods, services, and capital across international borders.

• The trade that occurs only within a country.

• The sale of goods to domestic consumers.

• The import of goods from neighboring countries.

What is the balance of trade?

• The difference between a country's exports and imports.

• The total value of goods exported.

• The total value of goods imported.

• The trade agreements between countries.

How does foreign trade contribute to economic growth?

• By increasing GDP and diversifying the economy.

• By reducing the number of jobs.

• By limiting access to international markets.

• By decreasing the volume of goods produced.

What is the impact of market competition on domestic industries?

• It forces them to improve efficiency and productivity.

• It has no effect on their operations.

• It leads to job losses.

• It reduces the quality of products.

What are the main partners of India as of 2023?

• USA, China, UAE

• USA, UK, Canada

• China, Japan, Australia

• India, Pakistan, Bangladesh

What measures were taken by the government to address the balance of payments crisis in 1991?

• Rupee devaluation

• Increased government spending

• Tax cuts

• Trade restrictions

Which of the following was a key feature of the Green Revolution?

• b) Introduction of High Yielding Variety (HYV) seeds
• c) Expansion of monoculture practices
• a) Emphasis on traditional farming methods
• d) Increased use of chemical pesticides

Which sector is the largest producer of milk in the world?

• c) Dairy

• g) Construction
• f) Automotive
• e) Textile

Which government system provides subsidized food grains to economically disadvantaged populations?

• Public Distribution System (PDS)
• Integrated Child Development Services
• Mid-Day Meal Scheme
• Food Security Act

What is a major challenge in India’s agricultural marketing system?

• Abundant water supply
• Lack of adequate infrastructure
• High levels of government support
• Advanced technology adoption