ECONOMICS (CBSE/UGC NET)

ECONOMICS

BARRIERS TO TRADE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What is an import?
A
Goods leaving your country
B
Goods being brought into your country
C
Goods that are important
D
None of the above
Explanation: 

Detailed explanation-1: -What Is an Import? An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country’s imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit.

Detailed explanation-2: -Imports are the goods and services that are purchased from the rest of the world by a country’s residents, rather than buying domestically produced items. Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country.

Detailed explanation-3: -Imports can be finished products, like cars, TV sets, computers, or sneakers, or they can be raw materials, such as zinc, oil, wood, or grains. They can also be services, like financial services, travel services, and insurance. Imports are a vital part of the U.S. and global economy.

Detailed explanation-4: -Selling of goods and services from the home country to a foreign country is known as export, while buying of goods and services and bringing them into one’s home country is known as import.

Detailed explanation-5: -One-time import. This handles importing most profile information for both people and organizations. Recurring import. A list or filter shared by another nation can be imported using the recurring import. Voter file import. Ballot import. Scanned survey import. Donation import. Membership import.

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