A quota is a: MCQ with Answer and Explanation

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A quota is a:

A. price support for imports

B. tax on exports

C. type of exchange rate

D. quantitative restriction on imports or exports

Answer: Option D

Solution (By JKSSB Mock Tests)

A quota is a quantitative restriction on imports or exports.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Employees' Provident Funds and Miscellaneous Provisions Act' was enacted in which year?

A. 1956

B. 1948

C. 1952

D. 1961

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Correct Answer: Option C

Explanation:
EPF Act was enacted in 1952.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on gym and fitness services is:

A. 12%

B. 5%

C. 18%

D. 28%

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Correct Answer: Option C

Explanation:
Gym and fitness services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the 'Paris Agreement' on climate change?

A. Only a voluntary declaration without any reporting requirements

B. A treaty limited to developed countries only

C. A legally binding set of identical emission targets for all countries

D. A global framework under which countries submit nationally determined contributions to limit global warming

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Correct Answer: Option D

Explanation:
The Paris Agreement establishes a framework in which each party submits successive nationally determined contributions (NDCs) outlining its climate actions, with the collective aim of limiting global temperature rise.

This question belongs to: Economy GK Economy Set 1

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