Industries and Foreign Trade - Economics General Awareness Objective Questions with 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

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Answer: Option [D]

22 India earns maximum foreign exchange from the export of:

A Tea

B Jute

C Cotton

D Garments

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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

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Answer: Option [D]

24 Find the incorrect statement with respect to Special Economic Zones (SEZ)?

A No license 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

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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

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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

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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

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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

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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

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Answer: Option [D]

30 Mashelkar Committee was constituted to report on:

A Black money

B Economic policy

C Auto fuel policy

D Constitutional changes

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Answer: Option [C]

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

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