nta net mcq

1. DAILY MCQ SERIES WITH
ANSWER CLARIFICATION
PRESEND BY RAHUL DHAMIJA
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2. QUE 1. LAISSIZ FAIRE POLICY IS
ADOPTED BY WHICH ECONOMIC
SYSTEM?
A. CAPITALIST ECONOMIC SYSTEM
B. SOCIALIST ECONOMIC SYSTEM
C. MIXED ECONOMIC SYSTEM
D. NONE OF THE ABOVE
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3. • ANS. A
• Laissez-faire, (French: “allow to do”), policy of minimum
governmental interference in the economic affairs of individuals and
society.
• The policy of laissez-faire received strong support in classical
economics as it developed in Great Britain under the influence of
economist and philosopher Adam Smith.
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4. QUE. 2 TRIMS STANDS FOR?
A. TRADE RELATED INVESTMENT MONEY
B. TRADE RELATED INVESTMENT MEASURES
C. TRADE RELATED INTERNATIONAL MEASURES
D. TRADE RELATION INVESTMENT MEASURES
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5. • ANS. B
• Trade-Related Investment Measures is the name of one of the
four principal legal agreements of the World Trade Organization
(WTO), trade treaty. TRIMs are rules that restrict preference of
domestic firms and thereby enable international firms to operate
more easily within foreign markets. The TRIMs Agreement
prohibits certain measures that violate the national treatment
and quantitative restrictions requirements of the General
Agreement on Tariffs and Trade (GATT).
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6. QUE3. WHICH IS NOT INCLUDED IN THE WTO TERMINOLOGY?
A. GREEN BOX
B. AMBER BOX
C. BLUE BOX
D. WHITE BOX
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7. • ANS. D
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8. QUE 4. ONE OF THE INTERNATIONAL TRADE THERORY (THEORY OF
ABSOLUTE COST ADVANTAGE) IS GIVEN BY WHOM?
• A. DAVID RICARDO
• B. MICHAEL PORTER
• C ADAM SMITH
• D NONE OF THE ABOVE
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9. • ANS. C
• Adam Smith propounded the theory of absolute cost
advantage as the basis of foreign trade
• absolute cost advantage refers to the ability of country to
produce goods more efficiently and cost effectively in
comparison to other country
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10. QUE 5. TREATY OF ROME SIGNED IN WHICH YEAR?
• A 1992
• B 1951
• C 1958
• D 1957
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11. • ANS D
• Type Founding treaty
• Signed25 March 1957
• LocationCapitoline Hill in Rome, Italy
• Effective1 January 1958
• PartiesEU member states
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