In terms of economy, the visit by foreign nationals to witness the XIX Common Wealth Games in India amounted to

[UPSC Civil Services Exam – 2011 Prelims]

(a) Export

(b) Import

(c) Production

(d) Consumption

Answer: (a)        

Explanation:

• Exports are goods and services that are produced in one country and sold to buyers in another.
  • The visit of foreign nationals to India amounted to export as
    • Foreign nationals will buy Indian goods and use Indian services.
    • Also, India will get foreign currency.
  • An import is a good or service bought in one country that was produced in another.
    • Suppose a citizen of the US buying goods and services in India, then it amounted to Import for The US. Because its citizen is buying goods and services from another country.
  • Production– the process of making or growing goods to be sold.
  • Consumption– the amount used or eaten.