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.
- The visit of foreign nationals to India amounted to export as