The 'Foreign Trade Policy' in India is usually announced for a period of: MCQ with Answer and Explanation

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The 'Foreign Trade Policy' in India is usually announced for a period of:

A. 15 years

B. 10 years

C. 1 year

D. 5 years

Answer: Option D

Solution (By JKSSB Mock Tests)

Foreign Trade Policy is normally announced for a five-year period.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'long-run aggregate supply curve' is:

A. downward sloping

B. U-shaped

C. vertical

D. horizontal

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Correct Answer: Option C

Explanation:
The long-run aggregate supply curve is vertical at the full employment level of output.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Commission for Protection of Child Rights' is a:

A. private body

B. constitutional body

C. judicial body

D. statutory body

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Correct Answer: Option D

Explanation:
NCPCR is a statutory body under the Commissions for Protection of Child Rights Act, 2005.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Purchasing Power Parity' helps in:

A. Determining only nominal exchange rates

B. Measuring only unemployment

C. Comparing real income and living standards across countries

D. Calculating domestic fiscal deficit

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Correct Answer: Option C

Explanation:
PPP-based comparisons adjust for differences in price levels across countries, providing a better measure of real income and relative living standards.

This question belongs to: Economy GK Economy Set 1

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