A tariff is a: MCQ with Answer and Explanation

Question

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A tariff is a:

A. subsidy given to exporters

B. ban on exports

C. quantitative limit on imports

D. tax imposed on imported goods

Answer: Option D

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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Practice More Economy Set 1 Questions

Question #1

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The 'Regional Comprehensive Economic Partnership' was signed in which year?

A. 2021

B. 2015

C. 2020

D. 2022

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Correct Answer: Option C

Explanation:
RCEP was signed in November 2020.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Composition Scheme' under GST does not allow:

A. input tax credit

B. payment of tax

C. collection of tax from customers

D. filing of returns

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Correct Answer: Option A

Explanation:
Composition dealers cannot claim input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Adverse Selection' in insurance markets leads to:

A. Higher-risk individuals being more likely to purchase insurance

B. Only moral hazard problems

C. No effect on the pool of insured

D. Lower-risk individuals being more likely to purchase insurance

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Correct Answer: Option A

Explanation:
Because high-risk individuals have a greater incentive to buy insurance at any given premium, the insured pool tends to be riskier than the population average, driving up premiums and potentially causing market unraveling.

This question belongs to: Economy GK Economy Set 1

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