Foreign Trade — Practice Quiz
Gujarat Board · Class 12 · Economics
Try a 4-question quiz on Foreign Trade for Gujarat Board Class 12 Economics: tap an answer to check it and see why. 44 questions in the full chapter test.
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Quick Quiz: Foreign Trade
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What is the activity of exchanging goods and services across geographical boundaries called?
In which currency are payments made in international trade?
What was India's share in global merchandise exports in 2014?
Balance of trade refers to:
Sample Questions
Which factors lead to international trade?
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Difference in factor endowments, Cost of production differences, Technological progress variations
International trade occurs due to differences in factor endowments, production costs, and technological capabilities between countries. Same climate conditions would reduce the need for trade.
Which regions have the highest share in India's merchandise imports in 2014-15?
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Asia (59%), Europe (16%)
Asia had the highest share at 59% followed by Europe at 16% in India's merchandise imports in 2014-15. Other regions had smaller shares.
Exchange rate is defined as:
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Price of foreign currency in domestic currency
Exchange rate is the price of a foreign currency expressed in terms of domestic currency - i.e., how many units of home currency are needed to buy one unit of foreign currency.
True or False: International trade has higher transport costs than domestic trade.
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True
International trade involves transporting goods across national borders over longer distances, resulting in higher transport costs compared to domestic trade within a country.
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