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BAL BHARATI PUBLIC SCHOOL, PITAMPURA, DELHI110034CLASS –X TERM II GLOBALISATION Q1) Explain visible impacts of globalization on the Indian economy, with two examples. Ans. i) New jobs have been created in industries where MNCs have invested such as electronics, fast food, cell phones etc. ii)Some Indian companies have become multinational themselves due to globalization, e.g. Tata motors, Ranbaxy. Q2) What is globalization? Mention two main shortcomings of globalization in the context of India. Ans. i)Globalization means that various economies of the world move in a manner that leads to emergence of well integrated and cohesive global economy, Shortcomings are as follows. i)Small manufacturer producing toys, vegetables oils, etc have been hit hard due to competition. ii)In order to cut costs of the products, employers in exports industry try to cut labor cost. Workers job is no longer secure. Q3)What are the various ways in which countries can be linked? Ans.i) MNCs can jointly produce with local companies of other countries. ii)MNCs can buy the local companies. iii)MNCs can place order for production with small producers of other countries. Q4)What are the ways in which MNCs set up or control, production in other countries? Ans. i) Directly set up offices and factories for production. ii)Set up production with some of the local companies of these countries. iii)Buy up local companies and then expand. iv)Place orders for production with small producers of the countries e.g. garments, footwear, etc Q5) Distinguish between foreign trade and foreign investment? Ans. foreign investment refers to investment directly made in industry or other spheres of economic activity of a country by foreign industrial houses or MNCs. Foreign trade refers to exchange of goods purchase and sale across geographical boundaries of the countries. Q6. Why do developed countries want developing countries to liberalize their trade and investment?
Ans. developed countries feel that all the barriers to foreign trade and investment are harmful for international trade. They want that trade between countries should be free. Developed countries like USA, UK have high production capacity and latest technology. They want their surplus produce to sell in other countries and utilize their technology to their optimal use. Q7) What are the impacts of globalization in India? i)Wide variety of good is now available to the consumers. ii)New jobs are created in industries. iii)Local companies have prospered through supplying raw materials to the industries. iv)Top Indian companies have benefitted for successful collaborations with foreign companies. Q8) Whatare the fears of globalization? i)globalization maynot help in achieving sustainable development ii)It may lead to widening of income inequalities among various countries. iii)It may lead to greater dependence of underdeveloped countries on advanced countries. iv)It may impart some instability in world’s economies. Q9) list some features of MNCs. Ans. i) they are of giant size. The assets and sales of MNCs run into billions of dollars and they also make supernormal profits. ii) A multinational conducts international operations. iii) It grows in a spontaneous and conscious manner. Q10) How has competition benefitted people in India? Ans. Due to competition, buyers can easily get good variety of quality products of different countries at reasonable price. Producers now sell their products not only in domestic market but also in different countries and thereby increase their profits. ONE MARK QUESTIONS. 1.Company that owns or controls production in more than one nation…… Ans.MNCs……………………………. 2.Investment made by MNCs is called Ans. foreign investment 3.Cargill foods a very large American MNC , has bought over smaller Indian companies such as Ans. Parakh foods. 4.Ford motors came to in Ans.1995. 5. Rapid integration between countries is called. Ans. globalization. 6.what is the name of the organization whose aim is to liberalize international trade is
Ans.WTO. 7.Till 2006, how many members were there in WTO. Ans.150 8.Removing barriers or restrictions set by the government is known as. Ans.liberalization. 9.Name the term which refers to globalization which creates opportunities for all and ensures that is benefits are better shared. Ans. Fair globalization. 10. Companies who set up production units the special economic zones do not have to pay taxes for an initial period of. Ans.5 years. HOT QUESTIONS 1.It creates an opportunity for the producers to reach beyond the domestic market. What does it refer to? 2.How rapid movement in technology has stimulated the globalization process? State through examples. 3.How governments use trade barriers in relation to foreign trade? 4.Give examples of industries where the small manufacturers have been hit hard due to competition. 5.What are the investments made by MNCs called and with what are the expectations are these made?
