Description : Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality
Last Answer : (3) Determination of import duty uniformly Explanation: Non-tariff barriers to trade include import quotas, special licenses, unreasonable standards for the quality of goods, bureaucratic delays at customs, ... duty uniformly is comes under the sovereign duty of a nation. It is internal development.
Description : 'PROTECTION' means - (1) Restrictions imposed on import trade (2) Protection to home industries (3) No free exchange of goods and services between two countries (4) All of the above
Last Answer : (4) All of the above Explanation: Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a ... protect businesses and workers within a country by restricting or regulating trade with foreign nations.
Description : ‘PROTECTION’ means (1) Restrictions imposed on import trade (2) Protection to home industries (3) No free exchange of goods and services between two countries (4) All of the above
Last Answer : All of the above
Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty
Last Answer : Sale in a foreign market of a commodity at a price below marginal cost
Description : What restriction is faced in international marketing ? 1. tariffs 2. customs duties 3. qualitative restrictions 4. all of the above 5. none of these
Last Answer : tariffs
Description : A government’s restriction on the quantity of imports of a country is known as (a) Export quota (b) Import quota © Import rent. (d) Embargo.
Last Answer : (b) Import quota
Description : Waste or refuse arising out of manufacturing activity of output exported shall be charged to import duty as _____ if such waste or refuse is cleared for home consumption. A waste or refuse B imported goods C waste or refuse or output D Scrap
Last Answer : waste or refuse
Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty
Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).
Description : Excise duty is levied on - (1) sale of goods (2) production of goods (3) import of goods (4) export of goods
Last Answer : (2) production of goods Explanation: Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and ... "State Excise" duty. The Excise duty on rest of goods is called "Central Excise" duty.
Description : Excise duty is levied on (1) sale of goods (2) production of goods (3) import of goods (4) export of goods
Last Answer : production of goods
Description : Object of the central council is a) The right to be protected against the marketing of goods which are hazardous to life and property b) The right to informed about the quality , ... and to be assured that consumer interests will receive due consideration appropriate fora e) All the above
Last Answer : e) All the above
Description : Object of the central council is A. The right to be protected against the marketing of goods which are hazardous to life and property B. The right to informed about the quality, quantity ... to be assured that consumer interests will receive due consideration appropriate fora E. All the above
Last Answer : E. All the above
Description : Liberalization means A. Reducing number of reserved industries from 17 to 8 B. Liberating the industry, trade and economy from unwanted restrictions C. Opening up of economy to the world by attaining international competitiveness D. Free determination of interest rates
Last Answer : B. Liberating the industry, trade and economy from unwanted restrictions
Description : The terms of trade measures (a) the income of a country compared to another (b) The GDP of a country compared to another © The quantity of exports of a country compared to another (d) Export prices compared to import prices.
Last Answer : (d) Export prices compared to import prices.
Description : Tariff is a----- (a) Quantitative restrictions on import. (b) Tax on import. © License on import. (d) Both (b) and (c).
Last Answer : (b) Tax on import.
Description : Waste or refuse arising out of manufacturing activity of output cleared for home consumption shall be charged to import duty as _____. A waste or refuse B output C waste or refuse or output D Input
Last Answer : Ans :output
Description : . Terms of trade is (a) the ratio of imports / exports (b) the ratio of exports/imports © the ratio of goods/services (d) the ratio of land/labour
Last Answer : (b) the ratio of exports/imports
Description : Free Trade refers to - (1) free movement of goods from one country to another (2) movement of goods free of cost (3) unrestricted exchange of goods and service (4) trade free of duty
Last Answer : (1) free movement of goods from one country to another Explanation: Free trade is a policy by which a government does not discriminate against imports or interfere with exports by ... countries are determined by price strategies that may differ-from those that would emerge under deregulation.
Description : Free Trade refers to (1) free movement of goods from one country to another (2) movement of goods free of cost (3) unrestricted exchange of goods and service (4) trade free of duty
Last Answer : free movement of goods from one country to another
Description : Terms of trade in developing countries are generally unfavourable because (a) They export manufacturing products. (b) They export primary products. © They export few goods. (d) Both (a) and (c).
Last Answer : (b) They export primary products.
Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax
Last Answer : (4) Expenditure tax Explanation: Expenditure tax is a taxation plan that replaces the income tax (a direct tax). Instead of applying a tax based on the income earned, tax is allocated based on the ... a consumption tax. The major benefit for this type of tax scheme is the removal of double taxation.
Description : Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty
Last Answer : (3) Professional tax Explanation: A professional tax, also known as an occupation tax or a professional privilege lax, is a tax that a professional must pay to receive the right to practice a ... and a professional who has clients in more than one state may owe professional taxes in several states.
Description : Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty
Last Answer : Professional tax
Last Answer : Expenditure tax
Description : Which of these would lead to decrease in quantity supplied at a given price (a) Decrease in VAT ; (b) Decrease in excise duty; (c) Decrease in import duty ; (d) Imposition of higher levies
Last Answer : (d) Imposition of higher levies
Description : Which of these would lead to increase in quantity supplied at a given price (a) Increase in VAT ; (b) Increase in excise duty ; (c) Increase in import duty ; (d) Reduction in levies
Last Answer : (d) Reduction in levies
Description : Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties
Last Answer : (4) Union Excise Duties Explanation: Central excise revenue is the biggest single source of revenue for the Government of India. The Union Government tries to achieve different socio-economic objectives by ... adopted by entry 84 of List I of the seventh Schedule of the Constitution of India.
Description : Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax
Last Answer : c. Sales tax
Description : Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax
Last Answer : Income tax
Description : People barter and trade goods. Economic decisions are based on customs. Economies are usually rural and farm-based. Which economic system is described by the list A. mixed B. market C. traditional D. command?
Last Answer : c
Description : A Free Trade Zone is an area 1. where goods are traded free of cost 2. where goods are traded through barter 3. where there are no customs duties 4. where government controls production and distribution 5. None of these
Last Answer : where there are no customs duties
Description : Quantitative restrictions refer to limit set by countries to curb A. Measures that affect trade in goods. B. Measures that lead to restrictions in quantities. C. Discouraging measures that limit a company’s imports. D. Discouraging measures that limit a company’s exports.
Last Answer : Discouraging measures that limit a company’s exports.
Description : Suppose a teacher has short height. It creates an obstacle in utilizing the black-board in a justifiable manner. Therefore, the students cannot follow the lessons inspite of utmost care taken by ... a complaint with the principal D) Collect donations from his student to reconstruct the black-board
Last Answer : You suggest him to make a temporary platform of bricks with the help of students
Description : AGMARK is a guarantee of standard: (1) quality (2) quantity (3) weight (4) size
Last Answer : (1) quality Explanation: The present AGMARK standards cover quality guidelines for 205 different agricultural commodities spanning a variety of Pulses, Cereals, Essential Oils, Vegetable Oils, Fruits & Vegetables, and semiprocessed products.
Description : AGMARK is a guarantee of standard : (1) quality (2) quantity (3) weight (4) size
Last Answer : quality
Description : Reactions against the restrictions of the Salon led to the establishment of?
Last Answer : Private gallories
Description : Terms of trade of a country show A. Ratio of goods exported and imported B. Ratio of import duties C. Ratio of prices of exports and imports D. (a) and (c) as given above
Last Answer : Ratio of prices of exports and imports
Description : Terms of trade of developing countries are generally favourable because A. They export primary goods B. They import value added goods C. They export few goods D. Both (a) and (b)
Last Answer : Both (a) and (b)
Description : In constraint satisfaction problem, constraints can be stated as . (A) Arithmatic equations and inequalities that bind the values of variables (B) Arithmatic equations and inequalities ... impose restrictions over variables (D) Arithmatic equations that discard constraints over the given variables
Last Answer : (A) Arithmatic equations and inequalities that bind the values of variables
Description : The customs control based on the Indians customs act 1962 is for a) The imposition of export or import duties b) For ensuring the observance of the provisions of import and export control act c) For ensuring the observation of foreign exchange regulation act d) All of the above
Last Answer : d) All of the above
Description : When a glove manufacturer is allowed to sell only a certain number of plastic gloves in a particular country, the firm is facing A)a tariff. B)an embargo. C)a restrictive product standard. D)a quota. E)a balance of trade restriction.
Last Answer : D)a quota.
Description : Which one of the following statements is not relevant to hydrographic survey? (A) Establishment of a chain of bench marks near the shore line (B) Establishment of horizontal control points on the shore (C) Determination of the sea bed profile (D) None of these
Last Answer : (D) None of these
Description : A Trade Policy consists of - (1) Export-Import Policy (2) Licencing Policy (3) Foreign Exchange Policy (4) Balance of Payment Policy
Last Answer : (1) Export-Import Policy Explanation: Trade policy, also called ExportImport policy, is a collection of rules and regulations which pertain to trade. Every nation has some form of trade policy in place ... taxes, tariffs, inspection regulations, and quotas can all be part of a nation's trade policy.
Description : Devaluation of currency leads to - (1) expansion of export trade (2) contraction of import trade (3) expansion of import substitution (4) All of the above
Last Answer : (4) All of the above Explanation: Devaluation in modern monetary policy is a reduction in the value of a currency with respect to those goods, services or other monetary units with which ... deficit. Import substitution means promotion of export to replace imports. It is also fallout of devaluation.
Description : In autarky equilibrium (a) production=consumption. (b) export=import © there is no trade (d) all of the above.
Last Answer : (a) production=consumption.
Description : A Trade Policy consists of (1) Export-Import Policy (2) Licencing Policy (3) Foreign Exchange Policy (4) Balance of Payment Policy
Last Answer : Export-Import Policy
Description : Devaluation of currency leads to (1) expansion of export trade (2) contraction of import trade (3) expansion of import substitution (4) All of the above
Description : Which of the following occurs when labour productivity rises? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right
Last Answer : (4) The labour demand curve shifts to the right Explanation: As labour productivity increases, the production function shifts up and simultaneously the labor demand curve shifts out and right. At ... , the production function shifts up and simultaneously the labor demand curve shifts out and right.
Description : Which of the following occurs when labour productivity rises ? (1) The equilibrium nominal wage falls. (2) The equilibrium quantity of labour falls. (3) Competitive firms will be induced to use more capital (4) The labour demand curve shifts to the right
Last Answer : The labour demand curve shifts to the right
Description : Which terns is used in economics for the market value of all goods and services in one year by labour and properly supplied by the residents of the country? (1) GDP (2) GPN (3) OMP (4) GNP
Last Answer : (4) GNP Explanation: Gross National Product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country. It is ... ), defined as "the value of all final goods and services produced in a country in I year."