BEA conducts its own surveys of multinational businesses and international trade in services. It is not so simple not to be superficial, but also not so complex as to seem inaccessible. Ans:     The trade that takes place between the inhabitants of two countries or the trade that takes place among the individuals living in different countries of the world is called international trade. Question 8. Ans:     1) Acquisition of foreign goods, 2) Availability of goods in case of shortage, Ans:     1) Dependence on the production of Limited goods, Ans:     1) Expenditure on education in foreign countries, 2) Expenditure on treatment in foreign countries, 4) Expenditure on political, cultural and trade delegates. International trade is a sum total of a lot of factors including geo-political instability and monetary policies. Click here for instructions on how to enable JavaScript in your browser. Foreign trade requires the free tax facility or minimal tax charges, so that people can trade without any barrier. Foreign trade is very rich in content and is what makes the world grow economically – and socially inclusive. Foreign Exchange Rate and Balance of Payments Important Questions for class 12 economics Foreign Exchange Rate. Ans:     If a country exports its visible and invisible goods of less value then the value of its imports of visible and invisible goods then, its balance of payment will be deficit or unfavorable. Ans:     If the value of visible exports of a country is less than the value of its visible imports, then its balance of trade will be deficit or unfavorable. Essay # 5. e.g. Under this person from different nations works in the international market. State the evolution, characteristics and types of foreign trade. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. Ans: The trade that takes place between the inhabitants of two countries or the trade that takes […] Question: Foreign exchange rate means the rate at which the currency of one country can be traded for : Answer: The currency of any other country in the foreign exchange market Discuss Foreign Trade Types and Importance September 9, 2016 by Umar Farooq Generally known by the name of international trade, foreign trade is extremely necessary for a country or a brand’s survival, because it acts as one of the primary economic boosters for that particular entity. Some countries have abundant natural resources. Data from the Census Bureau, Customs and Border Protection, the Treasury Department, and other federal agencies are also important for producing … Name an important barrier on foreign trade. Foreign trade leads to division of labour and specialisation at the world level. Ans:     If a country exports its visible and invisible goods of more value than the value of its imports of visible invisible goods, then its balance of payment will be surplus or favorable. Warning: Please be aware that tests of this type have no scientific validity. B.COM FOREIGN TRADE IMPORTANT QUESTIONS FOR 1ST SEM. Your email address will not be published. Ans:     The systematic record of visible and invisible exports and imports of a country in one year is called balance of payment. Disclaimer: The opinions expressed in this article are those of the contributing author, and do not necessarily reflect those of the Forum for International Trade Training . Notify me of follow-up comments by email. This exchange of commodities by countries is considered as the foreign trade of the country. Economic Reforms Since 1991 Class 12 Economics Important Questions. One of the best resources to prepare for board exams is to practice with CBSE Class 10 Economics Chapter 4 Globalisation And The Indian Economy Important Questions. This professional also needs to analyze market trends – both externally and internally – and assess the needs of buyers and suppliers. Foreign Exchange It refers to the reserve of foreign currencies. UNIT No.1. Increase in investment and foreign trade Important Questions & Answers - Economics (Chapter 1: Development) Ques 4 Evaluate the role of MNCs in the economic development of a country. Ans:     The trade that takes place between the individuals living in the same country is called domestic or national or internal trade. If your business is Trade Shows, Customs, Trade Finance, Inspection, Insurance, Trade Laws, Trade Solutions, Translation or involves in foreign trade supply chain, you will want to be part of the world largest international B2B trade community. Nationality of Other Stakeholders: Stakeholders like suppliers, producers, employees, Middleman, etc. The documents are significant for importers, exporters, forwarding companies and the banks that according to those documents, importers start to clearance process with those documents, in addtition, if there is lack of the valuable documents, importer must pay the extra … Measurement Scales: By measurement, we usually mean the assigning of numbers to observations or objects and scaling is a process of measuring. Foreign trade is a journey for world economic knowledge, and international trade is always beneficial to the development of countries, economic growth, technology absorption, empowerment of minorities and small entrepreneurs, and to improve the income of people. Australian Trade Liberalisation: Analysis of the Economic Impacts – a 2017 Centre for International Economics (CIE) report on the benefits of trade liberalisation for Australia. They are 25 Foreign Trade Questions to measure the degree of knowledge you have of foreign trade. August 17, 2020 October 26, 2019 by admin IMPORTANT QUESTIONS FOR 1st SEMESTER EXAMINATION. What other questions do you think are important to ask before you test out new markets? For it to be possible certain considerations have to be taken into accounts and models have been formulated to show this such as the Ricardian model and Heckscher-Ohlin model. Foreign Trade Management or Bachelor of Commerce in Foreign Trade Management is an undergraduate Foreign Trade course.The Foreign Trade Management course offers a global perspective and helps build a solid foundation and understanding of … Take Foreign Trade Practice test with MCQ on international trade, foreign trade policies, Forex management, import and export basics etc. Share your comments below! Let’s suppose there are two countries – Country A and Country B. The Foreign Trade professional is prepared to master the techniques used in everything that involves the purchase and sale of products and services with companies or agencies from other countries, in administrative, fiscal, exchange and logistic matters of export and import processes. Take mock exam Now. Export and import trade we have already covered above. Required fields are marked *. Specifically, what happens if the two countries trade?Producers in Country A will subsequently lose out because consumers will buy the Country B option. As every country relies on this they need to maintain good relations with the country they are importing from. Thanks for your comment, Mr. Carter. INR is Indian currency except that all other currency will be foreign exchange for India. (2013 OD) Answer: Fair globalization means globalization that would create opportunities for all … Q.2: What is meant by international trade? International trade - International trade - Trade between developed and developing countries: Difficult problems frequently arise out of trade between developed and developing countries. Economics, Deductive Method: Meaning, Steps, Merits and Demerits. Ans:     The rate at which commodities are exchange with each other in the international trade is called terms of trade. Division of labour and specialisation. Ans:     If a country visible goods exports having more value than that of visible goods imported by it the balance of trade is said to be surplus or favorable. myCBSEguide has just released Chapter Wise Question Answers for class 12 Economics. Maximizing consumer welfare may not be a chief priority If you have a question regarding those rules, we can help. With best regards, Alfredo Kleper Lavor, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Google+ (Opens in new window). This is no doubt very important for keeping the cost and price of intermediate and semi-finished products used as the main or subsidiary inputs in the domestic produc­tion of various commodities low. The four scales... Goods: A good is a material thing used to satisfy a human want or in other words, a good is a material thing which has utility to satisfy any human want. The International Trade is a very important aspect in the positive growth of the world economy. Entrepot Trade is a combination of export and import trade and is also known as Re-export. (2013 D) Answer: Tax on imports is an important barrier on foreign trade. International Trade Important Short Questions, Utility: Meaning and Different Aspects of Utility, Utility: Meaning and Characteristics of Utility, Measurement Scales: Nominal, Ordinal, Interval and Ratio, Introduction to Pakistan Economy Important Short Questions, Solution Manual for Fundamental Methods of Mathematical Economics, Advanced Macroeconomics 5th (Edition) By David Romer, Fundamental Methods of Mathematical Economics by Alpha C. Chiang, Microeconomic Theory: Basic Principles and Exten. It can identify buying and selling opportunities and develop strategies for the viability of a business, defining marketing and logistics plans, among others. The test shows several aspects of international trade, from theory to practice. You can access the 25 Foreign Trade Questions through this link: https://goo.gl/forms/RoGuRaDFHupbWTC32. Ans:     The objective of the establishment of IMF is to maintain the balance of payment of its member countries. Ans:     The systematic record of the money value of visible imports and visible exports of a country in one year is called the balance of trade. International Trade Q.1: What is meant by domestic trade? Need and Importance of Foreign Trade ↓ Following points explain the need and importance of foreign trade to a nation. This organization provides foreign exchange to improve the balance of payment of its members. Jhansi Institute of Commerce 363 views 17:29 It has to be regulated so as to ensure that there is free flow of trade between countries. International trade often acts as an anti-monopoly weapon by foreign domestic producers to achieve greater efficiency so as to be able to intro­duced foreign competition and survive in the long run. Important questions Chapter 10 Government Budget and The Economy (MCQs) 3,4 and 6 marks Questions - Duration: 17:29. are of the same nation. 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