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Industries & Foreign Trade - Indian Economy GK Objective Questions and Answers

21 Which of the following is true under perfect competition:
A Any firm can influence supply in the market
B Any firm can influence price in the market
C Any firm can influence price and supply in the market
D No firm can influence price and supply in the market

Answer: Option [D]
22 India earns maximum foreign exchange from the export of:
A Tea
B Jute
C Cotton
D Garments

Answer: Option [A]
23 Identify the correct sequence of the establishment of steel plants in India from the earliest to the latest:
A Bhilai, Jamshedpur, Vishakhapatnam, Bokaro
B Bokaro, Jamshedpur, Vishakhapatnam, Bhilai
C Jamshedpur, Bokaro, Bhilai, Vishakhapatnam
D Jamshedpur, Bhilai, Bokaro, Vishakhapatnam

Answer: Option [D]
24 Find the incorrect statement with respect to Special Economic Zones (SEZ)?
A No licence is required for import
B No permission for subcontracting
C Manufacturing and service activities are allowed
D No routine examination of cargo for export/import by customs authorities

Answer: Option [B]
25 Which is true about “Sunrise Industries” ?
A Which are small-scale industries
B Which improve export performance of the country
C Which are well-developed and have ample scope for further development
D Which have high growth potential and meet further requirements of the economy

Answer: Option [D]
26 One of the main factors that led to rapid expansion of Indian exports is:
A Diversification of exports
B Recession in other countries
C Liberalisation of the economy
D Imposition of import duties

Answer: Option [C]
27 The aim of current Industrial policy of India :
A Accelerating the performance of mixed economy
B Discourage the performance of the private sector
C Increasing the production of public sector units
D Promoting the private sector units

Answer: Option [A]
28 The problem of unfavourable balance of payment arise :
A When imports increase
B When exports increase
C When exports decrease
D When imports are greater than exports

Answer: Option [D]
29 BoP (Balance of Payment) refers to:
A Transactions in the flow of capital
B Transactions relating only to exports and import
C Transactions relating to receipts and payment of invisibles
D Systematic record of all its economic transactions between residents and with the rest of the world in a certain period

Answer: Option [D]
30 Mashelkar Committee was constituted to report on:
A Black money
B Economic policy
C Auto fuel policy
D Constitutional changes

Answer: Option [C]


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