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This set of Business Economics Multiple Choice Questions & Answers (MCQs) focuses on Business Economics Set 9
Q1 | An international trading company of the Government of India _.
- State Transport Corporation
- State Service Corporation
- State Trading Corporation
- All of the above
Q2 | Consular documents include _ _.
- Certificate of origin
- Export certificates
- Uncertified consular invoices
- Bills of exchange
Q3 | Trade barriers are often called _ _.
- Free trade
- Protection
- Trade wars
- Economic integration
Q4 | Redistribution effect is called _ .
- Revenues effect
- Consumption effect
- Productive effect
- Transfer effect
Q5 | Imposing of tariff, raises domestic prices causing fall in consumption of domestic goods is _ .
- Protective effect
- Revenue effect
- Consumption effect
- Terms of trade effect
Q6 | _ _ is the World’s largest single market area.
- European Union
- India
- Pakisthan
- Srilanka
Q7 | At present, European Union consist of _ member countries.
- 26
- 27
- 28
- None of these above
Q8 | When an economy union involves unifying currency it becomes _ .
- Customs Union
- Trade Union
- Economic and Monetary Union
- Trade area
Q9 | _ _ is an official institution of the European Union.
- European Council
- European Parliament
- European Commission
- European Investment Bank
Q10 | Euro is the official currency for _ _ member countries of European Union.
- 16
- 17
- 18
- 19
Q11 | The is the single currency of the European Union.
- dollar
- euro
- yen
- pound
Q12 | _ _ is the second largest currency in the world.
- Dollar
- Euro
- Yen
- Pound
Q13 | _ _ became an ASEAN dialogue partner in 1995.
- India
- Pakisthan
- Srilanka
- USA
Q14 | Look East Policy has now transformed into a _ _.
- Act European Policy
- Act East Policy
- Act West Policy
- East Asia Policy
Q15 | The referendum for Brexit was held on _ .
- 2023-06-16 00:00:00
- 2023-06-17 00:00:00
- 2023-08-17 00:00:00
- 2023-06-18 00:00:00
Q16 | ASEAN was formed in .
- 1947
- 1967
- 1977
- 1987
Q17 | _ is a statement of a systematic record of all economic transactions between one country and the rest of the world.
- Deficit
- Surplus
- Balance of payments
- Budget
Q18 | Pick out the wrong statement.
- Tariff restricts t
- Import quotas have a direct effect in reducing imports
- Voluntary export restraint is an example of tariff barriers.
- An export subsidy is a government grant given to an export firm
Q19 | The consumption effect of tariffs forces consumers to _ _.
- increase their consumption due to tariffs.
- pay lower price due to tariffs.
- reduce their consumption due to tariffs.
- depend on imports for consumption
Q20 | Import embargo is an important retaiatory measure against_ _.
- dumping
- exports
- domestic producer
- domestic farmers
Q21 | Which of the following Non – Tariff Barriers prevents free movement of capital between countries?
- preferential government procurement
- Exchange Controls
- Domestic subsidie
- Local content requirement
Q22 | _ is a measure under which a commodity of a specific volume or value is allowed to be imported in the country.
- Voluntary Export Restraints
- Combined duty
- Import quota
- Revenue tariff
Q23 | Which of these are objectives of import quotas?
- Correcting disequilibrium in the balance of payment
- To allow dumping
- To allow speculative activities
- To allow excess supply in the domestic economy
Q24 | In the _ account, only transactions relating to goods are entered.
- invisible account
- Capital account
- trade
- Current account
Q25 | _ means a decline in the rate of exchange of one country in terms of another’s.
- Deflation
- Tariff
- Exchange Depreciation
- exchang devaluation