Business Economics MCQs [set-9]

201. An international trading company of the Government of India _.

A. State Transport Corporation
B. State Service Corporation
C. State Trading Corporation
D. All of the above
Answer: C

202. Consular documents include _ _.

A. Certificate of origin
B. Export certificates
C. Uncertified consular invoices
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D. Bills of exchange . c
Answer: A
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203. Trade barriers are often called _M
_.
a
A. Free trade
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B. Protection
C. Trade wars
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D. Economic integration
Answer: B

204. Redistribution effect is called _ .

A. Revenues effect
B. Consumption effect
C. Productive effect
D. Transfer effect
Answer: D

205. Imposing of tariff, raises domestic prices causing fall in consumption of

domestic goods is _ .
A. Protective effect
B. Revenue effect
 C. Consumption effect
D. Terms of trade effect
Answer: C

206. _ _ is the World’s largest single market area.

A. European Union
B. India
C. Pakisthan
D. Srilanka
Answer: A

207. At present, European Union consist of _ member countries.

A. 26
B. 27
C. 28
D. None of these above
Answer: C

208. When an economy union involves unifying currency it becomes _ .

A. Customs Union
B. Trade Union
C. Economic and Monetary Union
D. Trade area
Answer: C

209. _ _ is an official institution of the European Union.

A. European Council
B. European Parliament
C. European Commission
D. European Investment Bank
Answer: A

210. Euro is the official currency for _ _ member countries of European Union.
A. 16
B. 17
C. 18
D. 19
Answer: D

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211. The is the single currency of the European Union.
A. dollar
B. euro
C. yen
D. pound
Answer: B

212. _ _ is the second largest currency in the world.

A. Dollar
B. Euro
C. Yen
D. Pound
Answer: B

213. _ _ became an ASEAN dialogue partner in 1995.

A. India
B. Pakisthan
C. Srilanka
D. USA
Answer: A

214. Look East Policy has now transformed into a _ _.

A. Act European Policy
B. Act East Policy
C. Act West Policy
D. East Asia Policy
Answer: B

215. The referendum for Brexit was held on _ .

A. 2023-06-16 00:00:00
B. 2023-06-17 00:00:00
C. 2023-08-17 00:00:00
D. 2023-06-18 00:00:00
Answer: A

216. ASEAN was formed in .

A. 1947

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 B. 1967
C. 1977
D. 1987
Answer: A

217. _ is a statement of a systematic record of all economic transactions between

one country and the rest of the world.
A. Deficit
B. Surplus
C. Balance of payments
D. Budget
Answer: C

218. Pick out the wrong statement.

A. Tariff restricts t
B. Import quotas have a direct effect in reducing imports
C. Voluntary export restraint is an example of tariff barriers.
D. An export subsidy is a government grant given to an export firm
Answer: C

219. The consumption effect of tariffs forces consumers to _ _.

A. increase their consumption due to tariffs.
B. pay lower price due to tariffs.
C. reduce their consumption due to tariffs.
D. depend on imports for consumption
Answer: C

220. Import embargo is an important retaiatory measure against_ _.

A. dumping
B. exports
C. domestic producer
D. domestic farmers
Answer: A

221. Which of the following Non – Tariff Barriers prevents free movement of
capital between countries?
A. preferential government procurement

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 B. Exchange Controls
C. Domestic subsidie
D. Local content requirement
Answer: B

222. _ is a measure under which a commodity of a specific volume or value is

allowed to be imported in the country.
A. Voluntary Export Restraints
B. Combined duty
C. Import quota
D. Revenue tariff
Answer: C

223. Which of these are objectives of import quotas?

A. Correcting disequilibrium in the balance of payment
B. To allow dumping
C. To allow speculative activities
D. To allow excess supply in the domestic economy
Answer: A

224. In the _ account, only transactions relating to goods are entered.

A. invisible account
B. Capital account
C. trade
D. Current account
Answer: C

225. _ means a decline in the rate of exchange of one country in terms of

another’s.
A. Deflation
B. Tariff
C. Exchange Depreciation
D. exchang devaluation
Answer: C

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