Foreign Trade Policy in India is announced by the: MCQ with Answer and Explanation

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Foreign Trade Policy in India is announced by the:

A. Ministry of Commerce and Industry

B. RBI

C. Ministry of External Affairs

D. Ministry of Finance

Answer: Option A

Solution (By JKSSB Mock Tests)

Foreign Trade Policy is formulated by the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

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Question #1

A negative externality occurs when:

A. private cost exceeds social cost

B. private benefit equals social benefit

C. social cost exceeds private cost

D. social benefit exceeds private benefit

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Correct Answer: Option C

Explanation:
A negative externality arises when social cost exceeds private cost, e.g. pollution.

This question belongs to: Economy GK Economy Set 1

Question #2

External commercial borrowing refers to:

A. foreign direct investment

B. borrowing by the government from the RBI

C. borrowing from domestic banks

D. borrowing by Indian firms from foreign lenders

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Correct Answer: Option D

Explanation:
External commercial borrowing is commercial loans raised by Indian firms from foreign lenders.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of 'Libertarian Paternalism'?

A. The use of mandates that eliminate choice

B. The complete rejection of any paternalistic intervention

C. The design of policies that steer people toward better choices while preserving freedom of choice

D. Only laissez-faire without any guidance

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Correct Answer: Option C

Explanation:
Libertarian paternalism, the philosophical foundation of nudge theory, advocates interventions that improve welfare by guiding choices without restricting the set of available options.

This question belongs to: Economy GK Economy Set 1

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