10th Social Science - Book Back Answers - Economics Unit 2

SSLC / 10th Social Science - Book Back Answers - Economics Unit 2 - English Medium

Tamil Nadu Board 10th Standard Social Science - Economics Unit 2: Book Back Answers and Solutions

This post covers the book back answers and solutions for Unit 2 – Economics from the Tamil Nadu State Board 10th Standard Social Science textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

By going through this material, you’ll gain a strong understanding of Economics Unit 2 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following
2 Mark Questions: Answer briefly
3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 10 students! Prepare well and aim for top scores. Thank you!

Unit 2: Globalization and Trade

I. Choose the correct answer.

1. Who is the head of the World Trade Organisation (WTO)?
a) Ministerial conference
b) Director General
c) Deputy Director General
d) None of these
Answer Key:
b) Director General

2. Colonial advent in India _____.
a) Portuguese, Dutch, English, Danish, French
b) Dutch, English, Danish , French
c) Portuguese , Danish, Dutch, French, English
d) Danish, Portuguese, French, English, Dutch
Answer Key:
a) Portuguese, Dutch, English, Danish, French

3. GATT’s first round was held in _____.
a) Tokyo
b) Uruguay
c) Torquay
d) Geneva
Answer Key:
d) Geneva

4. India signed the Dunkel proposal in _____.
a) 1984
b) 1976
c) 1950
d) 1994
Answer Key:
d) 1994

5. Who granted the English “Golden Fireman” in 1632?
a) Jahangir
b) Sultan of Golconda
c) Akbar
d) Aurangzeb
Answer Key:
b) Sultan of Golconda

6. Foreign Investment policy (FIP) was announced in _____.
a) June 1991
b) July 1991
c) July- Aug-1991
d) Aug 1991
Answer Key:
c) July- Aug-1991

II. Fill in the blanks.

1. A better economy introduces rapid development of the _____.
2. WTO agreement came into force from _____.
3. The term globalization was invented by _____.
Answer Key:
1. capital market
2. January 1, 1995
3. Prof. Theodore Levitt

III. Match the following.

1	Multinational Corporation in India	1947
2	MNC	enforces international trade
3	GATT	Minimize cost of production
4	WTO	Infosys

Answer Key:

1	Multinational Corporation in India	Infosys
2	MNC	Minimize cost of production
3	GATT	1947
4	WTO	enforces international trade

IV. Give short answers.

1. What is globalization?
Answer Key:
1. Globalization is the integration of a country with the world economy.
2. It signifies a process of Internationalization plus liberalization.

2. Write the types of Globalization.
Answer Key:
There are three stages or types of Globalization. They are,
1. Archaic Globalization
2. Proto Globalization
3. Modern Globalization

3. Write short notes on Multinational Corporation.
Answer Key:
Multinational Corporation is a Corporate Organization which owns and controls production of goods and services in atleast one country other than its home country.
E.g : Bajaj, TVS, State Bank of India, Ford and Infosys.

4. What are the reforms made to adopt globalization?
Answer Key:
1. Abolition of Industrial licensing except for a few industries.
2. Reduction in the number of industries reserved for public sector.
3. Fixation of a realistic exchange rate of Rupee to exchange exports of Indian goods.
4. Foreign exchanges regulations were suitably amended.

5. What is Fair trade ?
Answer Key:
1. Fair Trade is a way of doing business that ultimately aims to keep small farmers an active part of world market place and aims to empower consumers to make purchases that support their values.
2. It is about better prices, decent working conditions and fair terms of trade farmers and workers.

6. Write any two principles of Fair Trade Practices.
Answer Key:
1. Transperancy and accountability.
2. Respect for the Environment.

7. Write any two positive impacts of Globalization.
Answer Key:
1. Increase in the standard of living.
2. Increase in the GDP of a country

V. Brief answers.

1. Briefly explain the advantages and disadvantages of MNC’s.
Answer Key:
1. MNC - Multi National Corporate Organization which owns or controls production of goods and services in atleast one country other than its home country.

Advantages of MNC:
1. Lower production cost of goods without transaction cost in the production of same quality of goods.
2. Prices are reduced and the purchasing power of consumers is increased (world wide).
3. Take advantage of tax variation.
4. Spurring job growth in the local economics.

Disadvantages of MNC:
1. They develop monopoly. (for certain products)
2. Detrimental effect on environment.
3. Leads to downfall of smaller and local business.
4. Ethical standards, ethical laws are breached. Leverage their business agenda with capital.

2. Write about the World Trade Organisation.
1. The member of GATT in April 1994 signed the Final Act of Uruguay and paved way for setting up the WTO.
2. 104 nations signed an agreement to it.
3. The WTO Agreement came into force from January 1, 1995.
Head Quarters: Geneva - Switzerland
Purpose: Regulation, International Trade

Members of WTO:
1. Director General, Four Deputy Director Generals and 600 official staff from 80 member countries.

Objectives of WTO:
1. To resolve trade disputes.
2. To set enforce rules for International Trade
3. To increase the transparency of decision making process.
4. To ensure full employment and broad increase in effective demand.
5. To ensure that developing countries secure a better share of growth in the world trade.
6. Introduction at the sustain able development and environment can go together.
7. To provide a forum for negotiating and monitoring further trade liberalization.

3. Write the challenges of Globalization.
Answer Key:
Globalization is the integration of the country with the world economy. Its challenges
are :
1. It leads to global economic imbalances.
2. Leads to environmental degradation.
3. Leads to instability in developing countries of the world.
4. Child labour and slavery increases.
5. Benefits of Globalization will not extend to all countries automatically.
6. People shared consuming move junk food increases and leads to health problems and spread of diseases.
7. Global competition lead in race bottom in wages, labour rights and employment practices will.

VI. Activity and projects.

2. Students are collect the images regarded to the globalization and make the album, (south Indian trade and traders images, and silk route map, spice route map, and kalinga trade map, etc).
Answer Key:
Students should collect pictures of South Indian
(a) Traders and make it as an album: Student can access to google and search by typing” ancient South Indian Traders” images and collect the relevant information.

Silk route map:

The silk route was an ancient network of trade routes that connected the East and the West connecting Asia, Europe and Africa. It was mainly used to transport silk.

Spice route map:

Spice route is the name as spices were traded with a way of sea route. Spices such as cinnamon, ginger, pepper, turmeric etc. Traded between Asia, Europe and Africa.

Kalinga route map:

Trade routes of Kalinga sailors. They used to trade along their South West voyage along the East Coast of India. Their boats used to sail from Mahanadhi to Bali and right upto Nagapattinam in Cauvery delta. Also they sail along the East coast of Srilanka.

3. Students are collect the picture of various Multinational corporation companies in India and its products pictures.
Answer Key:
Students can collect the pictures of various Multinational corporation companies (list is given in the text book itself) and paste the pictures and make an album.

Multinational Corporation in India	Products
Microsoft Corporation India	Software Products
IBM – International Business Machines Corporation	Business Consulting, storage solutions
Nestle	Food Products
Proctor and Gamble (P&G)	Beauty care, Grooming, healthcare and house hold care
Citi group	Banking operations
Sony Corporation	Electronic products and entertainment products.
Hewlett-Packar (hp)	Laptops, monitors, desktop and printers
Coco-Cola	Non-Alcoholic beverages
Pepsico	Snacks and beverages
Apple inc	Laptop, phone, software, online services.