NIOS Class 10 Economics Chapter 22 Indian Economy in the Global Context

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NIOS Class 10 Economics Chapter 22 Indian Economy in the Global Context

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Indian Economy in the Global Context

Chapter: 22

MODULE 7: INDIAN ECONOMY

TEXTBOOK QUESTIONS (SOLVED)

INTEXT QUESTIONS 22.1

Q.1. Give one advantage of international trade. 

Ans. International trade leads to specialisation and efficient production of goods and services.

Q.2. What do you mean by export? 

Ans. Selling goods and services to rest of world is called export.

Q.3. Define import. 

Ans. Buying goods and services from rest of world is called import.

INTEXT QUESTIONS 22.2

Q.1. Name two main items of India’s export.

Ans. (i) Engineering goods. and

(ii) Handi-crafts.

Q.2. Name two items of India’s imports.

Ans. (i) Petroleum. and 

(ii) Electrical machinery.

Q.3. Name two major trading partners of India. 

Ans. (i) U.S.A. and 

(ii) UAE.

INTEXT QUESTIONS 22.3

Q.1. Tell one common economic feature of India and China.

Ans. Five Year Planning.

Q.2. Compare India, China and USA with regard to poverty.

Ans. In 2005, India’s poverty ratio was 27.5 per cent while that of China was only 2005 per cent. In USA 16 per cent of its population did not have access to food in 2008.

TERMINAL EXERCISE

Q.1. Explain the benefits of international trade.

Ans. (i) Optimum Use of Resources: Foreign trade leads to international division of labour and specialisation. It reduces wastage of resources resulting from the production of uneconomic goods. The resources are also used efficiently.

(ii) Standard of Living: Foreign trade increases the standard of living of the people living in different countries. It provides commodities to the people of a country which cannot be produced economically in that country. Foreign trade also makes them available the products which are not produced in that country.

(iii) International Relations: Foreign trade makes different countries dependent upon each other. A country having surplus products can sell its surplus stock to the deficient countries and a country having deficiency of a product can import it from another country. This promotes goodwill and cordial relations among the nations of the world.

(iv) Stabilisation of Prices: Foreign trade leads to stabilisation of prices of commodities throughout the world by adjusting demand and supply. This would not have been possible in the absence of foreign trade.

(v) Employment: Foreign trade helps in increasing employment opportunities in the export-oriented industries.

(vi) Economies of Large-scale: Foreign trade facilitates specialisation of a country in the production of certain goods. This will help to carry on production of some commodities not only for home consumption, but also for external consumption. This will lead to several economies of large-scale production. The resources will also be utilised in a better way.

(vii) Growth of Economy: Under- developed and developing countries can exploit their unutilised natural resources with the import of technical know-how, machinery and equipment from the advanced countries.

Q.2. Give examples of India’s trading partners and some of their commodities of trade.

Ans. 1. Examples of India’s Trading Partners: Following are the examples of India’s trading partners:

(i) France.

(ii) Germany.

(iii) USA.

(iv) UK.

(v) USE.

(vi) Iran.

(vii) China.

(viii) Hong Kong.

(ix) Singapore.

(x) Some African and Latin American countries.

(xi) Iran.

(xii) Saudi Arabia.

2. Commodities Traded: Engineering goods, handicrafts, chemicals and allied products, ready-made garments, cotton yarn, iron-ore, leather, fish, rice, fruits and vegetables, petroleum and lubricants, non- ferrous metals, capital goods (electrical and non-electrical machinery, transport equipments) and fertilizers.

Q.3. Write a short note on USA economy.

Ans. USA Economy: USA is the world’s one of the most developed economies. A brief account of USA is given below:

(i) Role of Private Sector: Private sector plays a major role in the production of goods and services. The government does not interfere much in business activities.

(ii) Multinational Companies: It has Multinational Corporation such as Ford Motors, General Electric, Coca Cola, Wall Mart. American businessmen and Corporation have got influence and presence all over the world.

(iii) Agriculture: USA’s agriculture is very advanced. It is one of the biggest exporters of foodgrains such as wheat, corn, fruits and vegetables.

(iv) Manufacturing: Petroleum, steel, automobiles, construction machinery and agricultural machinery are some of the major manufacturing industries in USA.

(v) Education and Health Services: Education and health services are of high quality in USA. 85 per cent of children enter public schools in USA as against 15% in India.

(vi) Exporter of Goods: USA is one of the top three exporters of goods and services in the world and biggest importer from rest of world. Its currency (US dollar) is an international currency because of its dominance in the world trade.

(vii) Poverty and Unemployment: America’s unemployment rate in 2010 was 9.9 per cent. About 16% of its population did not have access to good food in 2008.

Q.4. Write a short note on Chinese economy.

Ans. Chinese Economy: A brief account of Chinese economy is given below:

(i) Second Largest Economy: Chinese economy is now the second largest after USA in the world. Till 1980s, China was not very important in term of its economic power. After 1980s China’s economy grew very fast because of the economic reforms it pursued.

(ii) National Income and Per Capita Income: Now China’s national income and per capita income are growing faster than India. During the first half of 2010, China has 10% share in the total world’s exports as compared to only 1.4 per cent for India.

(iii) Control on Population: At present China ranks first in the world in term of population. But now it is trying its best to control its population. It is said that India will even overtake China in population in future.

(iv) Five Year Plan Strategy: Like India, China has also adopted a Five Year Plan strategy. Its twelfth year plan has started recently and its duration in 2011-2015. The first plan period of China was 1953-57. Through planning and strict implementation of economic reforms, China is achieving faster economic development.

SOME IMPORTANT QUESTIONS FOR EXAMINATIONS

VERY SHORT ANSWER TYPE QUESTIONS

Q.1. Why do citizens of one country travel to other countries?

Ans. Citizens of one country travel to other countries to seek jobs, to do business, to study, on government assignments etc. They also visit other countries as tourist.

Q.2. What does economic relationship between India and other countries mean?

Ans. Economic relationship between India and other countries of the world means that.

(i) Indian citizen are exchanging goods and services (both buying and selling) with citizens of foreign countries.

(ii) Indian citizens going to foreign countries to do job and business and foreign citizens are coming to India to do jobs and business etc.

Q.3. What is a closed economy?

Ans. A closed economy is that economy which has no economic relations with the rest of world.

Q.4. What is an open economy?

Ans. An open economy is that economy which has economic relationship with the rest of the world.

Q.5. What is export?

Ans. Export is selling of goods and services by the domestic citizens to citizen in a foreign country.

Q.6. What is import?

Ans. Import is buying goods and services by domestic citizen from foreign countries.

Q.7. What is international trade? 

Ans. International trade is the trade (buying and selling of goods and services) between citizens of various countries of the world.

Q.8. How are goods transported from one place to other inside the country? 

Ans. Goods are transported from one place to another inside the economy by trains, trucks etc.

Q.9. How are goods transported from one country to another country?

Ans. Goods are transported from one country to another country by ships, aeroplanes.

Q.10. State any two advantages of trade.

Ans. (i) Through trade people get a lot of varieties of goods and services.

(ii) Trade encourages production of new goods and services.

Q.11. What do you mean by India’s trading partners?

Ans. India’s trading partners means those countries with which India is engaged in export and import activities.

Q.12. Name any four items which India exports.

Ans. (i) Engineering goods.

(ii) Handi- crafts.

(iii) Chemical and all allied products.

(iv) Readymade garments.

Q.13. Name any four items which India imports.

Ans. India imports (i) Petroleum and lubricant

(ii) Non-ferrous metals.

(iii) Capital goods (Electrical and non-electrical machinery and transport equipments) and 

(iv) Fertilizers.

Q.14. What is globalisation? 

Ans. Globalisation is the process of coming closer the different countries of the world.

Q.15. Define internet.

Ans. Internet may be defined as a global collection of people computers linked telephone lines, radio links together with satellite links.

Q.16. How people living in different places and different countries have come closer to each other?

Ans. People living at different places and different countries have come closer to each other through trade, transport and communication systems.

Q.17. State one common feature of India and U.S.A.

Ans. One common feature of India and USA is that both of them are the largest democracies in the world i.e. both the countries are governed by the elected representative of people.

Q.18. Out of Indian economy and Chinese economy, which economy has been developing very fast in the last few years?

Ans. Chinese economy.

Q.19. Give one of the most important features of USA economy.

Ans. In USA economy, private sector plays a major role in the production of goods and services.

Q.20. How many small business are there in USA?

Ans. There are 30 million small business in USA.

Q.21. Out of 500 largest companies in the world, how many of them are in USA?

Ans. Approx. 139 companies.

Q.22. Name any three Multinational Corporations of USA.

Ans. (i) Ford Motors.

(ii) General Electric. and 

(iii) Wall-mark. 

Q.23. Write down any three major manufacturing industries in USA.

Ans. (i) Petroleum.

(ii) Steel and 

(iii) Automobiles.

Q.24. What per cent of children of USA enters Public Schools?

Ans. Approx. 85%.

Q.25. What per cent of children of India enters Public Schools?

Ans. Approx. 15%.

Q.26. Name the country which is the biggest importer from rest of world. 

Ans. USA.

Q.27. Name the currency of USA. 

Ans. US Dollar ($).

Q.28. Why is US currency (American dollar) an international currency?

Ans. US currency is an international currency as it is circulated almost everywhere because of USA’s dominance in the world trade.

Q.29. Has USA poverty and unemployment? If yes, how much?

Ans. Yes. About 16% of USA’s population did not have access to good food in 2008. Its unemployment rate in 2010 was 9.9 per cent. 

Q.30. What is the rank of Chinese Economy in the world at present?

Ans. Chinese economy is now the second largest after USA in the world.

Q.31. Which type of Government does China have? 

Ans. China does not have democracy or rule of people.

Q.32. Many steps have been taken by China to control population. Name any one of them.

Ans. Introduction of one child norm.

Q.33. Who will overtake China in population in future?

Ans. India will overtake China in population in future. 

Q.34. Which country is said to have overtaken USA recently in terms of manufacturing?

Ans. China.

Q.35. Why is China attracting more money than India from foreign countries towards its industrialisation and development of services?

Ans. China is attracting more money than India from foreign countries towards its industrialisation and development of resources because it has better economic environment.

Q.36. Compare India and China with respect to type of government.

Ans. India has democracy whereas China does not have democracy (or rule of people).

Q.37. Compare India and China with respect to the duration of First Five Year Plan.

Ans. The duration of India’s First Five Year Plan was 1951-1956, whereas the time period of China’s first five year plan 1953-1957.

Q.38. What is the duration of China’s twelfth five year plan?

Ans. The duration of China’s twelfth five year plan is 2011-2015.

Q.39. What was the duration of India’s 11th Five Year Plan? 

Ans. The duration India’s 11th Five Year plan was 2007-2012.

Q.40. Compare India and China in terms of population.

Ans. India ranks second whereas China ranks first in term of population.

Q.41. Compare India and China in respect to share of total world’s exports during the first half of 2010.

Ans. During the first half of 2010, China has 10 per cent share of total world export as compared to only 1.4 per cent in India.

Q.42. Compare India with USA with regards to agriculture.

Ans. India’s agriculture is backward whereas USA’s agriculture is very advanced. 

Q.43. Compare India and USA in terms of level of development.

Ans. India is a developing country whereas USA is a developed country.

Q.44. Out of India and USA, which country has more world’s richest periods? 

Ans. USA.

Q.45. Out of USA and India, which country has high quality of education and health care services?

Ans. In USA.

Q.46. Enumerate any two advantages of international trade.

Ans. (i) People can consume both domestic and foreign goods.

(ii) People of different countries can exchange their ideas.

Q.47. Out of China and India, which country is governed by the elected representatives of people? 

Ans. India.

Q.48. Out of USA and China, which country is neighbour to India? 

Ans. China.

Q.49. Out of USA, India and China, which is/are part of the Asian Continent? 

Ans. India and China are part of the Asian continent.

Q.50. Out of India, China and USA which country has dominance in world trade. 

Ans. USA has dominance in world trade.

SHORT TYPE QUESTIONS ANSWER 

Q.1. Compare India, China and USA in terms of

(i) Level of Development.

(ii) Five Year Plans.

(iii) Poverty.

Ans. Comparison among Indian, China and USA

Q.2. List the major items of India’s export.

Ans. Following items are exported to other countries from India:

(i) Cloth and readymade garments.

(ii) Pickles.

(iii) Cotton yarn.

(iv) Iron-ore.

(v) Leather.

(vi) Fruits and vegetables. 

(vii) Engineering goods.

(viii) Handicrafts.

(ix) Chemicals and allied products.

Q.3. Name the countries to which India export goods. 

Ans. India export goods to the following countries:

(i) France.

(ii) Germany.

(iii) U.K.

(iv) U.S.A.

(v) Iran (vi) U.A.E.

(vii) China.

(viii) Hongkong.

(ix) Singapore.

(x) Some African and Latin American countries.

Q.4. Name the items which are imported by India from other countries.

Ans. Items of import are as follows:

(i) Lubricants and petroleum. 

(ii) Non-ferrous metals.

(iii) Fertilizers.

(iv) Electrical and non-electrical machinery.

(v) Transport equipments.

Q.5. Now-a-days the world globalisa- tion is commonly used. Why?

Ans. Now-a-days the world is commonly used. The reason is obvious today television and internet and mobile phone become easily available. People in remote areas can now talk and keep in touch through mobile phones. Today we can watch India- West Indies cricket match live on television. We can talk to our friend in England through mobile phone. Through internet we can send email which can reach our friend in seconds. We can order a new good produced in Germany through internet and it will reach us in India.