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Industries & Foreign Trade - Indian Economy GK Objective Questions and Answers | Page-4

Questions
31 Dumping in the context of international trade refers to:
A Exporting goods of inferior quality
B Exporting goods only to re-import them at cheaper rates
C Exporting goods at prices below the actual cost of production or below the price in it's domestic market
D Exporting goods without paying the appropriate taxes in the receiving country

Answer: Option [C]
32 Which of the following is true about exports of India ?
A Are confined to a few items
B Are spread over several commodity groups
C Comprise mainly of agro-based products
D Have not shown much of a change since 1960-61

Answer: Option [B]
33 Why the area under the Special Export Zones (SEZ) has been declared ‘foreign territory’?
A SEZ goods are free of excise duty
B SEZ goods cannot be sold in the domestic tariff area
C Goods cannot be brought into the domestic tariff area
D Goods brought from the SEZ to the domestic tariff area are to be treated as ‘imported’ goods

Answer: Option [D]
34 Invisible Export refers to export of :
A Services
B Unrecorded goods
C Prohibited goods
D Goods through smuggling

Answer: Option [A]
35 Tertiary sector does not include :
A Trade
B Electricity
C Transport
D Business Services

Answer: Option [B]
36 Whose performance is highest among the following core industries ?
A Automobile
B Petroleum
C Mining
D Cement

Answer: Option [C]
37 Which institution provides long term finance to industries ?
A GIC
B LIC
C UTI
D All of these

Answer: Option [D]
38 Which of the following authority sanctions foreign exchange for the import of goods ?
A Exchange Bank
B State Bank of India
C Ministry of Finance
D Reserve Bank of India

Answer: Option [D]
39 Foreign trade is promoted by :
A STC
B MMTC
C ECGC
D All of these

Answer: Option [D]
40 What does it mean by Import substitution ?
A Gradual reduction of imported goods to save foreign exchange
B Importing new items in place of old items of import
C Replacing import items by domestic production of such items
D Increasing domestic supply of goods by imposing import restrictions

Answer: Option [C]

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