A 'common market' includes not only free trade and a common external tariff but also: MCQ with Answer and Explanation

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A 'common market' includes not only free trade and a common external tariff but also:

A. free movement of factors of production

B. common defence

C. common taxation only

D. common currency

Answer: Option A

Solution (By JKSSB Mock Tests)

A common market allows free movement of goods, services, capital and labour.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Safeguard duty' is imposed under WTO rules to:

A. temporarily protect domestic industry from a sudden surge in imports

B. permanently ban imports

C. promote free trade

D. tax all exports

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Correct Answer: Option A

Explanation:
Safeguard duty is a temporary measure to protect domestic industry from an import surge.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'snob effect' in consumer behaviour refers to:

A. buying more when price falls

B. buying goods to appear exclusive and different

C. following popular trends

D. buying only necessities

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Correct Answer: Option B

Explanation:
The snob effect is consumer preference for exclusive goods that set them apart.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of public debt, 'Internal Debt' refers to:

A. Debt owed to domestic creditors

B. Debt owed to foreign creditors

C. Only short-term external borrowings

D. Only IMF loans

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Correct Answer: Option A

Explanation:
Internal debt is the portion of public debt that is owed to lenders within the country, such as market borrowings, treasury bills and other domestic liabilities.

This question belongs to: Economy GK Economy Set 1

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