Q 1. Classify the trade taking place between following regions :
(A) Maharashtra and Punjab
(B) India and Japan
(C) Lasalgaon and Pune
(D) China and Canada
(E) India and European Union
Ans.
(A) Maharashtra and Punjab – Internal trade
(B) India and Japan – External trade
(C) Lasalgaon and Pune – Internal trade
(D) China and Canada – External trade
(E) India and European Union – External trade
Q 2. Write the correct word – Import or Export for the following :
Ans.
(A) India buys crude oil from the Middle-East Asian countries – Import
(B) Wheat is sent to Asian countries from Canada. – Export
(C) Japan sends machine parts to APEC countries – Export
Q 3. Correct and rewrite the wrong statements :
(A) India is a self-sufficient country.
Ans. India is not a self-sufficient country.
(B) The place where there is excess production does not have demand for those products.
Ans. The place where there is excess production does supply goods to other places.
(C) International trade processes are easier than local trade.
Ans. International trade processes are relatively difficult than local trade.
(D) SAARC works towards economic development and enhancing the social and cultural harmony of the SouthEast Asian countries.
Ans. SAARC works towards economic development and enhancing the social and cultural harmony among the South Asian countries.
Q 4. Identify and write the type of trade:
Ans.
(A) Srushti brought sugar from the grocery shop. – Retail trade
(B) The traders from Surat bought cotton from the farmers of Maharashtra. – Domestic trade
(C) Sameer has exported pomegranates from his farms to Australia. – International trade
(D) Sadabhau bought 10 sacks of wheat and 5 sacks of rice from Market Yard for selling in his own shop. – Wholesale trade
Q 5. Write answers in short:
(A) Create a flowchart showing the types of trade
Ans.
(B) Explain the difference in types of balances of trade.
Ans. (i) When the value of imports is more than the value of exports, it is called ‘unfavourable balance of trade.’ (ii) When the value of exports is more than the value of imports, it is called ‘favourable balance of trade.’ (iii) When the value of exports and imports is almost the same, it is called ‘balanced balance of trade’.
(C) State the objectives of WTO.
Ans. The objectives of the World Trade Organisation (WTO) are as follows :
(1) To provide platform for negotiations in international trade. (2) To handle the difficulties related to trade. (3) To monitor the trade policies of member states. (4) To provide technological assistance and training to developing countries.
(D) What is the difference between the OPEC and APEC in terms of their functions?
Ans.
(E) Write the functions of the important trade organisations in Asia.
Ans. Association of South-East Asian Nations (ASEAN) is an important trade organisation in Asia. Its functions are as follows :
(1) To expand social and cultural harmony along with economic growth in South-East Asia. (2) To promote regional peace. (3) To promote tax waivers for trade growth in member states.
(F) What is the importance of marketing from farmers ‘point of view’?
Ans. (1) In the traditional marketing, the farmers used to sell their products in the local market at whatever price available. Since the fruits and vegetables are perishable goods, the farmers used to incur losses. However, the progressive farmers have acquired skills in marketing. (2) Now, they undertake grading and packaging of their products. (3) They advertise the quality of their products and keep the same for sale, along with samples, in the mall. (4) They contact the super markets and exporters through internet. (5) Thus marketing is as important as cultivation of crops. By following modern marketing techniques, the income of the farmers will increase and that will improve their standard of living.
Q 6. In the following table, export-import of some countries in the year 2014-15 is given in million U.S. dollars. Make a compound bar graph of the given statistical information. Read the bar diagram carefully and comment upon the balance of payments of the respective countries.
Ans.
• China has a balance of trade.
• India, USA and Brazil have an unfavourable balance of trade.
• The volume of international trade of China and the USA is maximum.
• International trade of India and Brazil is insignificant.
• International trade is dominated by China and the USA.