UPSC 1996 › Indian Economy › International Trade & WTO

5 questions · 1996 · answers as per the UPSC key

Take test Free Study this topic: External Sector and Trade
All years of International Trade & WTO · Full UPSC 1996 paper
UPSC 1996 · Q31 · Indian Economy › International Trade & WTO · Save

Assertion (A): An important policy instrument of economic liberalization is reduction in import duties on capital goods.

Reason (R): Reduction in import duties would help the local entrepreneurs to improve technology to face the global markets. In the context of the above two statements, which one of the following is correct?

(a) Both A and R are true and R is the correct explanation of A
(b) Both A and R are true and R is not a correct explanation of A
(c) A is true but R is false
(d) A is false but R is true
Show answer
Answer: (a) Both A and R are true and R is the correct explanation of A
UPSC 1996 · Q37 · Indian Economy › International Trade & WTO · Save

The emerging trading blocs in the world, such as NAFTA, ASEAN and the like, are expected to

(a) act as constrictions in free trade across the world
(b) promote free trade on the lines laid down by the WTO
(c) permit transfer of technology between member countries
(d) promote trade in agricultural commodities between countries of the North and South
Show answer
Answer: (b) promote free trade on the lines laid down by the WTO
UPSC 1996 · Q40 · Indian Economy › International Trade & WTO · Save

Which of the following were the aims behind the setting up of the World Trade Organization (WTO)? I. Promotion of free trade and resource flows across countries. II. Protection of intellectual property rights. III. Managing balanced trade between different countries. IV. Promotion of trade between the former East Bloc countries and the western world.

Select the correct answer by using the codes given below:

(a) I, II, III and IV
(b) I and II
(c) II and III
(d) I and IV
Show answer
Answer: (b) I and II
UPSC 1996 · Q87 · Indian Economy › International Trade & WTO · Save

Which one of the following sets of commodities are exported to India by arid and semi-arid countries in the Middle East?

(a) Raw wool and carpets
(b) Fruits and palm oil
(c) Precious stones and pearls
(d) Perfume and coffee
Show answer
Answer: (a) Raw wool and carpets
UPSC 1996 · Q95 · Indian Economy › International Trade & WTO · Save

Consider the following items imported by India: I. Capital goods II. Petroleum III. Pearls and precious stones IV. Chemicals V. Iron and Steel The correct sequence of these items (as per 1994-95 figures) in decreasing order of value is —

(a) I, II, III, IV, V
(b) I, II, IV, III, V
(c) II, I, III, IV, V
(d) II, I, IV, V, III
Show answer
Answer: (d) II, I, IV, V, III