MCQs on Indian Year Book 2017 – Commerce

MCQs on Indian Year Book 2017 – Commerce

(UPSC CIVIL SERVICES EXAMINATION & OTHER COMPETITIVE EXAMINATIONS)

Q1. Consider the following Statements regarding Foreign Trade Policy (FTP):

  1. Department of commerce is responsible for formulation, implementation and monitoring of FTP.
  2. FTP 2015-20 brings two new schemes: “Merchandise Exports from India Schemes (MEIS)” and “Service Exports from India Scheme (SEIS)”

Identify the correct statements:
a) 1 only
b) 2 only
c) All are correct
d) None

Q2. Consider the following Statements regarding “Merchandise Exports from India Schemes (MEIS)” and  “Service Exports from India Scheme (SEIS)”:

  1. There would be no conditionality attached to any scrips issued under these schemes.
  2. Duty credit scrips issued under MEIS and SEIS and the goods imported against these scrips
    are fully transferable.

Identify the correct statements:
a) 1 only
b) 2 only
c) All are correct
d) None

Q3. Consider the following Statements regarding Niryat Bandhu Scheme:

  1. It is a novel scheme for mentoring first generation entrepreneurs by Officer (Niryat Bandhu).
  2. The objective of the scheme is essentially to reach out to the new and potential exporters.

Identify the correct statements:
a) 1 only
b) 2 only
c) All are correct
d) None

Q4. Consider the following Statements regarding India’s trade agreements:

  1. India has PTA (Preferential Trade Agreement) with Japan & South Korea.
  2. India has CEPA (Comprehensive Economic Partnership Agreement) with Mercosur.

Identify the correct statements:
a) 1 only
b) 2 only
c) All are correct
d) None

Q5. Which of following countries are members of North America Free Trade Agreement:

  1. USA
  2. Canada
  3. Mexico
  4. Cuba

Identify the correct statements:
a) 1, 2 & 3 only
b) 1 & 2 only
c) All are correct
d) 1 & 3 only

Q6. Consider the following Statements regarding Special Economic Zones:

  1. India was one of the first in Asia to recognise the effectiveness of the Export Processing Zone (EPZ) model for export promotion, with Asia’s first EPZ set up in Kandla in 1965.
  2. Special Economic Zones (SEZs) Policy was announced in April 2000 and Special Economic Zones Act was passed in 2005.

Identify the correct statements:
a) 1 only
b) 2 only
c) All are correct
d) None

Q7. Which number/code has to be obtained from DGFT to carry out import-export:

a) Importer Exporter Code (IEC)
b) Permanent Account Number (PAN)
c) Tax Identification Number (TIN)
d) No number is required pursuant to focus on ease of doing business.

Q8. Arrange the following commodities in decreasing order of their share in imports of India:

  1. Petroleum, Crude & Products
  2. Gems & Jewellery
  3. Electronic Items

Identify the correct statements:
a) 1 2 3
b) 2 3 1
c) 2 1 3
d) 1 3 2

Q9. Arrange the following commodities in decreasing order of their share in exports of India:

  1. Textile & Allied Products
  2. Petrolem Crude & Products
  3. Gems & Jewellery

 

Identify the correct statements:
a) 1 2 3
b) 3 1 2
c) 3 2 1
d) 2 1 3

Solutions:

Ques.Sol.Explanation
1c
2c
3c
4dBoth are reversed
5a
6c
7a
8aPetroleum, Crude & Products – 23.05

Gems & Jewellery – 15.22

Electronic Items – 10.43

Chemicals & Related Products – 9.91

9bGems & Jewellery – 14.6
Textile & Allied Products – 13.64
Petrolem Crude & Products – 12.2

 

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