ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

As with any small island country, Ireland has fewer natural resources than countries such as Russia. How does this affect Ireland?

A	Exports only manufactured products
B	Should import fewer products
C	Needs to import more products
D	Does not import or export

Explanation:

Detailed explanation-1: -Why do we import? To obtain raw materials, capital goods & consumer goods that are not available in Ireland. To avail of services not in Ireland.

Detailed explanation-2: -The primary natural resources of the Republic of Ireland include natural gas, petroleum, peat, copper, lead, dolomite, barite, limestone, gypsum, silver and zinc. Key industries based on these and other natural resources include fishing, mining, and various forms of agriculture and fish farming.

Detailed explanation-3: -(€786M). In December 2022 the top imports of Ireland were Other transport equipment (€1.33B), Organic chemicals (€1.3B), Medicinal and pharmaceutical products (€951M), Electrical machinery, appliances etc., n.e.s. (€746M), and Petroleum, petroleum products and related materials (€654M).

There is 1 question to complete.