A 'customs union' differs from a free trade area by having: MCQ with Answer and Explanation

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A 'customs union' differs from a free trade area by having:

A. a common currency

B. a common external tariff

C. free movement of labour

D. separate external tariffs

Answer: Option B

Solution (By JKSSB Mock Tests)

A customs union has a common external tariff along with internal free trade.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'First Five Year Plan' period was:

A. 1947-1952

B. 1956-1961

C. 1951-1956

D. 1950-1955

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Correct Answer: Option C

Explanation:
The First Five Year Plan covered 1951-1956.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Opportunity Cost of Holding Money' is related to:

A. The interest forgone by holding cash instead of interest-bearing assets

B. The cost of producing goods

C. The cost of banking services only

D. The cost of printing money

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Correct Answer: Option A

Explanation:
The opportunity cost of holding money is the interest income that could have been earned by holding interest-bearing assets instead of cash.

This question belongs to: Economy GK Economy Set 1

Question #3

The Self-Help Group Bank Linkage Programme in India is implemented mainly by:

A. IRDA

B. EXIM Bank

C. SEBI

D. NABARD

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Correct Answer: Option D

Explanation:
NABARD is the main implementing agency for the SHG-Bank Linkage Programme.

This question belongs to: Economy GK Economy Set 1

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