Economics Unit 2: Globalization and Trade — Online MCQ Test
SOCIAL SCIENCE · CLASS 10th · Tamil Nadu State Board
Practice Economics Unit 2: Globalization and Trade with a free chapter-wise online MCQ test.
This chapter covers: Exploring international trade this chapter details globalization history trade networks in South India and multinational corporations. Students examine economic impacts challenges....
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Economics Unit 2: Globalization and Trade — Important Questions & Answers
Which term describes the process of rapid integration or interconnection between countries through trade and investment?
- A. Privatization
- B. Globalization
- C. Liberalization
- D. Nationalization
Answer: B. Globalization
Globalization is the process of integrating national economies through trade, investment, and capital flows.
Globalization is the process of integrating national economies through trade, investment, and capital flows.
Who is known as the 'Father of Globalization'?
- A. Adam Smith
- B. Theodore Levitt
- C. John Maynard Keynes
- D. David Ricardo
Answer: B. Theodore Levitt
Theodore Levitt is credited with coining the term and popularizing the concept of globalization in the business context.
Theodore Levitt is credited with coining the term and popularizing the concept of globalization in the business context.
Which of the following is a primary objective of the World Trade Organization (WTO)?
- A. To provide loans to developing nations
- B. To protect local industries from all imports
- C. To liberalize international trade
- D. To regulate domestic taxation policies
Answer: C. To liberalize international trade
The WTO aims to supervise and liberalize international trade by reducing trade barriers between member countries.
The WTO aims to supervise and liberalize international trade by reducing trade barriers between member countries.
Why might a developing country find it difficult to compete in the global market immediately after liberalization?
- A. Lack of efficient infrastructure and advanced technology
- B. Excessive export subsidies from the government
- C. Too much protectionist policy by the WTO
- D. Complete absence of international demand
Answer: A. Lack of efficient infrastructure and advanced technology
Developing countries often face hurdles like lower technological levels and infrastructure gaps, making them less competitive against established global firms.
Developing countries often face hurdles like lower technological levels and infrastructure gaps, making them less competitive against established global firms.
Consider the following: 1. Increased consumer choice. 2. Loss of traditional cottage industries. Which of these are direct consequences of globalization in India?
- A. Only 1
- B. Only 2
- C. Both 1 and 2
- D. Neither 1 nor 2
Answer: C. Both 1 and 2
Globalization provides consumers with a wider variety of global brands while simultaneously exposing traditional small-scale industries to intense competition.
Globalization provides consumers with a wider variety of global brands while simultaneously exposing traditional small-scale industries to intense competition.