The 'Generalized System of Preferences' allows developed countries to: MCQ with Answer and Explanation

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The 'Generalized System of Preferences' allows developed countries to:

A. ban imports from developing countries

B. impose higher tariffs on developing countries

C. harmonize exchange rates

D. grant preferential tariff treatment to developing countries

Answer: Option D

Solution (By JKSSB Mock Tests)

GSP allows developed countries to grant preferential tariff treatment to developing countries.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Structural unemployment arises due to:

A. mismatch between the skills of workers and available jobs

B. fluctuations in business cycles

C. agricultural seasonality

D. temporary job search

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Correct Answer: Option A

Explanation:
Structural unemployment is caused by a mismatch between workers' skills and available jobs.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of project appraisal, a project is considered economically viable if:

A. Social costs are ignored

B. The present value of costs exceeds the present value of benefits

C. Only financial costs are considered

D. The present value of benefits exceeds the present value of costs

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Correct Answer: Option D

Explanation:
In cost-benefit analysis, a project is viable when the discounted present value of its benefits exceeds the discounted present value of its costs (positive net present value).

This question belongs to: Economy GK Economy Set 1

Question #3

An asset is classified as a Non-Performing Asset when interest or principal remains overdue for:

A. 90 days

B. 180 days

C. 60 days

D. 30 days

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Correct Answer: Option A

Explanation:
An asset becomes an NPA when interest or principal is overdue for more than 90 days.

This question belongs to: Economy GK Economy Set 1

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