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

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

A. harmonize taxes

B. eliminate tariffs among themselves but retain independent external tariffs

C. share a common currency

D. adopt a common external tariff

Answer: Option B

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

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Question #1

The 'forward market' in foreign exchange deals with:

A. delivery of currencies at a future date at a predetermined rate

B. only spot transactions

C. immediate delivery of currencies

D. only government transactions

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Correct Answer: Option A

Explanation:
The forward market deals with contracts for future delivery of currencies at predetermined rates.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Agricultural Produce Market Committee' is a:

A. private market

B. central government body

C. cooperative society

D. statutory body under state APMC Act

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Correct Answer: Option D

Explanation:
APMCs are statutory market committees established under state APMC Acts.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a component of the Human Development Report of UNDP?

A. Human Development Index, Gender Inequality Index and Multidimensional Poverty Index

B. Only exchange rate data of one country

C. Wholesale Price Index of India only

D. Only domestic fiscal deficit data

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Correct Answer: Option A

Explanation:
The Human Development Report publishes a range of indices including HDI, GII, MPI and other measures of human progress and deprivation.

This question belongs to: Economy GK Economy Set 1

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