Globalization and the Indian Economy — Important Questions
Madhya Pradesh Board · Class 10 · Social Science
55 important questions from Globalization and the Indian Economy for Madhya Pradesh Board Class 10 Social Science, with answers.
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Important Questions from Globalization and the Indian Economy
Which organization aims to liberalize international trade?
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World Trade Organization
WTO establishes rules for international trade and aims to promote free trade among member countries.
What motivates MNCs to set up production in different countries?
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To find cheap labor, resources, and markets
MNCs seek locations with low production costs, skilled workforce, and potential consumer markets to maximize profits.
What year did India begin significant economic liberalization?
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1991
In 1991, India introduced major economic reforms that reduced trade barriers and opened the economy to foreign investment.
What is a trade barrier?
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A restriction that regulates foreign trade
Trade barriers are government-imposed restrictions like taxes or quotas that limit or control international trade.
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