The term 'Balance of Trade' refers to: MCQ with Answer and Explanation

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The term 'Balance of Trade' refers to:

A. Difference between exports and imports of goods only

B. Capital account balance

C. Difference between exports and imports of goods and services

D. Overall surplus or deficit in balance of payments

Answer: Option A

Solution (By JKSSB Mock Tests)

Balance of Trade is the difference between the value of exports and imports of merchandise (goods) only. Balance of payments is a broader concept including services and capital flows.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Fisher equation' is expressed as:

A. S = I

B. Y = C + I + G

C. MV = PT

D. i = r + π

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Correct Answer: Option D

Explanation:
The Fisher equation is i = r + π, where i is nominal interest rate, r is real interest rate and π is inflation.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is:

A. 5%

B. 18%

C. 12%

D. 0%

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Correct Answer: Option A

Explanation:
Readymade garments up to Rs 1,000 attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Golden Revolution' in India is associated with:

A. milk production

B. gold production

C. horticulture and honey production

D. wheat production

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Correct Answer: Option C

Explanation:
The Golden Revolution is associated with horticulture and honey production.

This question belongs to: Economy GK Economy Set 1

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