Explanation: Globalization is multi-dimensional — it includes trade, FDI, technology transfer and movement of people. Options A and C are too narrow; D is opposite to globalization.

Explanation: Containerisation revolutionised shipping by reducing handling time and damage, cutting costs and thus promoting long-distance trade. Other options are unrelated or contrary.

Explanation: Complete isolation contradicts globalization. A, B and D are central features enabling integration of markets and production.

Explanation: Trade liberalisation reduces tariffs and non-tariff barriers to encourage trade. Options A and B are protectionist, D is unrelated.

Explanation: The internet and modern telecom enable instant communication necessary for coordinating production and services globally. Older technologies (A,C,D) are not relevant to real-time digital coordination.

Explanation: India’s 1991 reforms removed many controls, allowed FDI, reduced tariffs and aimed to integrate India with the global economy. The other options either close the economy or are not the key reforms of 1991.

Explanation: Fragmentation refers to splitting production tasks across countries to use comparative advantages. A and D are incorrect; B is incomplete as it restricts to local firms.

Explanation: The automobile sector sources parts globally and assembles them in various countries — a key example of fragmented production and global value chains.

Explanation: Specialisation allows countries to focus on tasks where they have advantage, increasing productivity and reducing costs. A and B are opposite results; D is unrelated.

Explanation: GVCs encompass design, production, marketing and distribution across countries where value is added at each stage. Other options are too narrow or incorrect.

Explanation: Standards reduce disputes, help interoperability, and give buyers confidence. They lower trade transaction costs rather than increase friction.

Explanation: Compliance with standards, on-time delivery and competitive pricing enable small firms to become reliable suppliers to MNCs. Other options undermine opportunities.

Explanation: Exports are domestic goods or services sold to other countries. B is imports; C and D are incorrect.

Explanation: Trade deficit occurs when imports exceed exports, leading to net outflow of domestic currency to buy foreign goods.

Explanation: Market integration allows goods to move across borders, aligning prices and supply-demand conditions. Other options are incorrect consequences.

Explanation: WTO succeeded GATT and came into existence on January 1, 1995, to regulate international trade and settle disputes.

Explanation: MFN mandates non-discrimination—any favourable term given to one member must be extended to all members, promoting fairness in trade among countries.

Explanation: Critics argue that WTO rules can advantage developed countries with more negotiating power, and intellectual property rules may limit access to essential goods by poorer nations.

Explanation: The IT and services sector expanded rapidly due to globalization, attracting FDI and export demand. Options B and C are too narrow and D is false.

Explanation: Some small farmers and local industries suffered due to competition from cheaper imported goods, affecting incomes and employment. A is opposite, C and D are incorrect.

Explanation: Foreign investment and collaboration often bring new technologies and processes improving productivity and product quality. Other options misstate likely outcomes.

Explanation: Fair globalization seeks policies that ensure benefits reach broad sections, protect vulnerable groups and maintain labour and environmental standards — not just corporate gains.

Explanation: Social safety nets and training help workers adjust to changes, gain new skills, and share benefits. Options A, C, and D are harmful or irrelevant.

Explanation: NGOs and trade unions advocate for fair rules, accountability and protections which help shape inclusive policies. Other options are contrary to civil society roles.

Explanation: Temporary protection with support for competitiveness helps industries mature; permanent protection (A) may create inefficiency, C and D are extreme and typically harmful.

Explanation: Financial access and training enable suppliers to upgrade technology and meet quality, delivery and certification requirements crucial for global supply chains.

Explanation: Authorities typically use reserve buffers, adjust interest rates, implement capital controls if needed and coordinate fiscal measures to restore confidence. Other options are impractical or harmful.

Explanation: Balanced policy pairs openness with measures to protect and reskill those adversely affected, ensuring inclusive growth. The other choices are either extreme or insensitive to context.

Explanation: Targeted investments create conditions for firms to operate, helping spread benefits of globalization beyond coastal or urban hubs. Other options exacerbate disparities.

Explanation: Rules should allow policy space, technical assistance and fair market access so developing countries can pursue growth and protect vulnerable sectors while integrating into global trade.