You asked: What is the basic function of foreign trade Mcq?

Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries.

What are the basic function of foreign trade?

1. It generates an opening for the products one a nation to reach beyond its national markets. 2. It enables the producers to sell their goods not only in the markets available in the country but can also play in the markets of other nations.

What is the basic function of foreign trade explain the effect of foreign trade through the example of Chinese toys in the Indian market?

Answer: Effects of foreign trade are as follows:Chinese have started exporting Chineseplastic toys to India. … In the competition between Indian and Chinese toys,Chinese toys prove better. With the result, Indian toy-makers face losses, as their toys are selling less.

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What is foreign trade short answer?

Foreign trade is all about imports and exports. The backbone of any trade between nations is those products and services which are being traded to some other location outside a particular country’s borders.

What is the role of foreign trade in India?

Foreign trade has played very important role for the development of our agriculture sector. Every year we export rice, cotton, fruits and vegetables to other countries. … Import of consumer goods : India and Pakistan imports the various consumer goods from other countries, which are not produced inside the country.

What is the foreign trade policy?

Foreign Trade Policy is a set of guidelines and instructions established by the DGFT in matters related to the import and export of goods in India. The Government of India, Ministry of Commerce and Industry announces Export Import Policy every five years. The new FTP (2015-20) came into force w.e.f 01/04/2015.

What are the effects of foreign trade class 10th?

Effects of foreign trade are as follows:

Buyers in India now have the option of choosing between Indian and Chinese toys. 3. Because of the cheaper prices and new designs, Chinese toys have become more popular in the Indian markets.

What are the effects of foreign trade Brainly?

(i) With the opening of trade, goods travel from one market to another. (ii) Choice of goods in markets rises. (iii) Prices of similar goods in two markets tend to become equal. (iv) Producers in the two countries now closely compete against each other even though they are separated by thousands of miles.

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What is the impact of foreign trade class 10?

(i)Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries. (ii)Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world.

What is foreign trade class 10?

Every country in the world in some way or the other relies on their imports. Thus, a country produces the commodity which they have a comparative advantage while importing the other commodities. … This exchange of commodities by countries is considered as the foreign trade of the country.

What is foreign trade economics?

Foreign trade is the exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). … International trade is a major source of economic revenue for any nation that is considered a world power.

What is foreign trade Class 8?

Trade is the act of buying and selling of goods between two parties with a view to earning profit.

What is the role of foreign trade in the economic development?

Foreign trade enlarges the market for a country’s output. Exports may lead to increase in national output and may become an engine of growth. … The possibilities of increasing exports may also reveal the underlying investment in a particular country and thus assist in its economic growth.

Who regulate the foreign trade in India Mcq?

Trade Policies MCQ Question 1 Detailed Solution

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The correct answer is INTUC(Indian National Trade Union Congress).