JKSSB Mock Tests

What are the two main forms of protection used to shield domestic industries from foreign competition in an inwardlooking trade strategy?

A. Tariffs and subsidies
B. Tariffs and quotas
C. Quotas and subsidies
D. Tariffs and price controls
Answer: Option B
Solution (By JKSSB Mock Tests Team)
An inward-looking trade strategy—or import substitution—relies primarily on tariffs to make imports expensive and quotas to limit the physical quantity of foreign goods entering the market.
This Question Belongs to: General knowledge mcqs Economics set 2

More Questions from Economics set 2

Target SSC, Railway, UPSC & JKSSB Exams

Welcome to JKSSB Mock Tests's comprehensive question bank. Practicing objective multiple-choice questions (MCQs) on topics like Economics set 2 is essential for clearing high-competition exams such as SSC CGL, CHSL, Railway RRB NTPC, UPSC Prelims, and JKSSB.

The solution provided above gives you the exact logical breakdown needed to handle similar queries in the actual exam environment. To maximize your score, we recommend solving the related questions provided on this page and taking our free randomized mock tests to evaluate your time management skills.

Frequently Asked Questions

Yes, the concepts covered in General knowledge mcqs are highly relevant and repeatedly asked in SSC (CGL, MTS, CHSL), Railway (RRB NTPC, ALP), UPSC, and state PSC exams like JKSSB.

After reading the direct solution, try to understand the core concept behind it. Use our platform to practice similar questions from the same topic to reinforce your memory and improve accuracy.