The 'Safeguard duty' is imposed under WTO rules to: MCQ with Answer and Explanation

Question
The 'Safeguard duty' is imposed under WTO rules to:
A. permanently ban imports
B. tax all exports
C. promote free trade
D. temporarily protect domestic industry from a sudden surge in imports
Answer: Option D
Solution (By JKSSB Mock Tests)
Safeguard duty is a temporary measure to protect domestic industry from an import surge.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' on salon services is:
A. 28%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Salon services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Just Transition' framework in climate policy?
A. Only maximising the speed of decarbonisation regardless of social costs
B. Only focusing on technological solutions without social considerations
C. Ignoring the social consequences of climate policies
D. Ensuring that the shift to a low-carbon economy is fair and inclusive, protecting workers and communities dependent on carbon-intensive industries
Discuss
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Correct Answer: Option D

Explanation:
A just transition seeks to ensure that the benefits and costs of the transition to a low-carbon economy are shared equitably and that workers and communities affected by the decline of carbon-intensive sectors receive adequate support.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'GST' compensation cess was collected to compensate states for how many years from 2017?
A. 2 years
B. 10 years
C. 15 years
D. 5 years
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Correct Answer: Option D

Explanation:
Compensation cess was initially for five years (2017-2022), later extended.
This question belongs to: Economy GK Economy Set 1
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