ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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import
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export
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Either A or B
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None of the above
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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: -Import. The purchase of goods from a foreign country is called import.
Detailed explanation-3: -And crude petroleum oil is imported the most in India. After mineral fuels, gems & precious metals are 2nd main import items of India.
Detailed explanation-4: -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-5: -When the goods are imported from one country with the purpose of exporting it to another country, then such type of trade is called entrepot trade.