The term 'Quantitative Restrictions' on imports refer to: MCQ with Answer and Explanation

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The term 'Quantitative Restrictions' on imports refer to:

A. Export subsidies

B. Exchange rate controls only

C. Limits on the quantity or value of goods that can be imported

D. Tariffs only

Answer: Option C

Solution (By JKSSB Mock Tests)

Quantitative restrictions (QRs) are non-tariff barriers that limit the volume or value of imports, such as quotas and licensing requirements.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of indicative planning in India refers to:

A. planning without any state intervention

B. planning based on forced targets

C. state ownership of all means of production

D. planning in a mixed economy with public and private sectors

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Correct Answer: Option D

Explanation:
Indicative planning in India is planning in a mixed economy with both public and private sectors.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of international trade, 'Most Favoured Nation' (MFN) treatment means:

A. Higher tariffs for all countries

B. Ban on imports from certain countries

C. Preferential treatment to one country only

D. Equal trade treatment to all member countries

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Correct Answer: Option D

Explanation:
MFN principle under WTO requires that any advantage granted to one member country must be extended to all other members, ensuring non-discrimination.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the Indian capital account?

A. Complete convertibility for all capital transactions

B. Only current account convertibility without any capital flows

C. Partial convertibility with controls on certain capital flows

D. Complete ban on capital inflows

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Correct Answer: Option C

Explanation:
India has achieved current account convertibility but maintains a managed and partial capital account convertibility with prudential controls on certain flows.

This question belongs to: Economy GK Economy Set 1

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