GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A commodity, article or service brought in from abroad for sale is known as ____
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Export
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Import
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Imports are products or raw materials bought from another country for use in your own country.
Detailed explanation-2: -The import trade refers to goods and services purchased into one nation from another. The word ‘import’ originates from the word ‘port’ considering the fact that the products are frequently transported via ship to foreign countries. Similar to exports, imports are also the backbone of international trade.
Detailed explanation-3: -Import trade is the process of importing goods and services from another country. A country import good in following situations. They can’t manufacture/ produce goods. They have a deficit of raw material to produce. The technology/process is inefficient and costly.
There is 1 question to complete.