A quota is a: MCQ with Answer and Explanation

Question

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A quota is a:

A. tax on exports

B. type of exchange rate

C. price support for imports

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 'Ricardo equivalence' proposition states that:

A. deficit-financed spending does not affect aggregate demand if households anticipate future taxes

B. government spending is always contractionary

C. government borrowing is always expansionary

D. taxes have no effect

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Correct Answer: Option A

Explanation:
Ricardian equivalence argues that public borrowing is offset by higher private saving in anticipation of future taxes.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' rate on railway passenger transport is:

A. 5%

B. 12%

C. 18%

D. 0%

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Correct Answer: Option D

Explanation:
Railway passenger transport is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Integrated Goods and Services Tax' applies to:

A. imports only

B. inter-state supplies

C. intra-state supplies

D. exports only

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Correct Answer: Option B

Explanation:
IGST applies to inter-state supplies and imports.

This question belongs to: Economy GK Economy Set 1

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