A tariff is a: MCQ with Answer and Explanation

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A tariff is a:

A. ban on exports

B. tax imposed on imported goods

C. subsidy given to exporters

D. quantitative limit on imports

Answer: Option B

Solution (By JKSSB Mock Tests)

A tariff is a tax imposed on imported goods.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. tax cascading and barriers to interstate trade

B. customs duty

C. income tax

D. direct taxes

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Correct Answer: Option A

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. promote free trade

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

C. permanently ban imports

D. tax all exports

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Correct Answer: Option B

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 #3

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The 'stagflation' is a combination of:

A. low inflation and high unemployment

B. high inflation and high unemployment

C. low inflation and low unemployment

D. high inflation and low unemployment

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Correct Answer: Option B

Explanation:
Stagflation is high inflation combined with high unemployment and stagnant demand.

This question belongs to: Economy GK Economy Set 1

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