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

Question
The 'Foreign Trade Policy' in India is usually announced for a period of:
A. 5 years
B. 10 years
C. 15 years
D. 1 year
Answer: Option A
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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Practice More Economy Set 1 Questions

Question #1
The 'Directorate General of Goods and Services Tax Intelligence' deals with:
A. GST evasion and intelligence
B. customs only
C. corporate fraud
D. income tax evasion
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Correct Answer: Option A

Explanation:
DGGI deals with GST evasion and intelligence.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Permanent Income' versus 'Current Income' debate in consumption theory?
A. The debate has been fully resolved in favour of pure permanent-income theory
B. Consumption is completely independent of current income
C. Only permanent income matters and liquidity constraints are irrelevant
D. Empirical evidence shows that consumption is more sensitive to current income than pure permanent-income theory predicts
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Correct Answer: Option D

Explanation:
Empirical studies often find 'excess sensitivity' of consumption to current income, suggesting that liquidity constraints, myopia or other factors cause departures from pure permanent-income behaviour.
This question belongs to: Economy GK Economy Set 1
Question #3
The Negotiable Instruments Act was enacted in which year?
A. 1881
B. 1949
C. 1934
D. 1872
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Correct Answer: Option A

Explanation:
The Negotiable Instruments Act was enacted in 1881 and governs cheques, bills of exchange and promissory notes.
This question belongs to: Economy GK Economy Set 1
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