The 'free trade area' is an arrangement where member countries: MCQ with Answer and Explanation

Question

Share Report Error

The 'free trade area' is an arrangement where member countries:

A. eliminate tariffs among themselves but retain independent external tariffs

B. adopt a common external tariff

C. share a common currency

D. harmonize taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

In a free trade area, members remove tariffs among themselves but maintain independent external tariffs.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on works contract services is:

A. 28%

B. 18%

C. 12%

D. 5%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Works contract services generally attract 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of labour economics, the 'Matching Function' in search theory relates:

A. Only wages to productivity

B. Only labour demand to the real wage

C. The number of job matches to the stocks of unemployed workers and vacancies

D. Only labour supply to the real wage

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The matching function in search-and-matching models describes how the flow of new hires depends on the number of unemployed workers and the number of job vacancies.

This question belongs to: Economy GK Economy Set 1

Question #3

The Tendulkar Committee is associated with:

A. poverty estimation methodology

B. agriculture credit

C. tax reforms

D. banking reforms

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Tendulkar Committee recommended a new methodology for poverty estimation.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs