The 'Letter of Credit' in foreign trade is issued by: MCQ with Answer and Explanation

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The 'Letter of Credit' in foreign trade is issued by:

A. the exporter

B. the importer's bank

C. the WTO

D. the customs authority

Answer: Option B

Solution (By JKSSB Mock Tests)

A letter of credit is issued by the importer's bank guaranteeing payment to the exporter.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'non-plan expenditure' and 'plan expenditure' classification in the budget was removed from which financial year?

A. 2018-19

B. 2020-21

C. 2015-16

D. 2017-18

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Correct Answer: Option D

Explanation:
The plan/non-plan expenditure classification was removed from the 2017-18 budget.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Contestability' in digital markets refers to:

A. Only the size of the incumbent

B. The complete impossibility of entry

C. The ease with which new entrants can challenge incumbent platforms despite the presence of network effects and data advantages

D. Only the number of existing competitors

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Correct Answer: Option C

Explanation:
Contestability measures the extent to which potential competition can discipline incumbents; in digital markets it is often impaired by network effects, data advantages and switching costs.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Think Tank' of the Government of India for economic policy is:

A. NITI Aayog

B. RBI

C. SEBI

D. Finance Commission

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Correct Answer: Option A

Explanation:
NITI Aayog acts as the premier policy think tank of the Government of India.

This question belongs to: Economy GK Economy Set 1

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