MCQOPTIONS
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MCQOPTIONS
This section includes 235 Mcqs, each offering curated multiple-choice questions to sharpen your Vhdl knowledge and support exam preparation. Choose a topic below to get started.
| 51. |
In country A, it takes 10 labor hours to produce cloth and 20 labor hours to produce grain. In country B, it takes 20 labor hours to produce cloth and 10 labor hours to produce grain. Which country should produce grain? |
| A. | Both A and B should produce grain. |
| B. | No country should produce grain. |
| C. | all |
| D. | none |
| Answer» C. all | |
| 52. |
Exporter has to bear most of commercial risk. |
| A. | Yes |
| B. | No |
| C. | Can’t say |
| D. | all |
| Answer» B. No | |
| 53. |
The geographically distributed area or zone where the economic laws are more liberal ascompared to other parts of the country is called |
| A. | EOU |
| B. | SEZ |
| C. | AEZ |
| D. | FTZ |
| Answer» C. AEZ | |
| 54. |
License holder shall furnish following details of material being imported |
| A. | Specifications |
| B. | Technical Characteristics |
| C. | Pricing |
| D. | All of the Above |
| Answer» E. | |
| 55. |
---------Shipping Bill in 7 copies is required for exports under the DEPB scheme. |
| A. | Yellow |
| B. | Red |
| C. | Blue |
| D. | none |
| Answer» D. none | |
| 56. |
The Indian Council of Arbitration promotes and administer ------------for dispute resolution and encouraging greater domestic and international commerce |
| A. | Alternative Dispute Resolution mechanisms |
| B. | Law and order |
| C. | all |
| D. | none |
| Answer» B. Law and order | |
| 57. |
Full form of OBU is |
| A. | Offshore Banking Units |
| B. | Offshore Business Units |
| C. | Overseas Business Units |
| D. | None of the above |
| Answer» B. Offshore Business Units | |
| 58. |
Name the two schemes introduced under the new foreign trade policy? Merchandise Export from India Scheme & Services Export from India Scheme |
| A. | Services Export from India Scheme & Services Import from India Scheme |
| B. | Services Import from India Scheme & Merchandise Export from India Scheme |
| C. | Merchandise Import from India Scheme & Services Export from India Scheme |
| D. | none |
| Answer» B. Services Import from India Scheme & Merchandise Export from India Scheme | |
| 59. |
An application for customs clearance of import cargo is |
| A. | Bill of lading |
| B. | Bill of exchange |
| C. | Shipping bill |
| D. | Bill of Entry |
| Answer» E. | |
| 60. |
A -----------contains the details of the goods shipped and is sworn as being correct in all respects by the exporter before the Consul of the importing country stationed in the exporting country. |
| A. | Performa invoice |
| B. | Consular invoice |
| C. | Commercial Invoice |
| D. | none |
| Answer» C. Commercial Invoice | |
| 61. |
Shipping Bill/ Bill of Export is the main document required by the Customs Authority for allowing shipment. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 62. |
Duty Drawback is available for |
| A. | Import duty on imported components |
| B. | Central excise on indigenous components |
| C. | Import duty and central excise on indigenous components |
| D. | Import duty, central excise and VAT |
| Answer» D. Import duty, central excise and VAT | |
| 63. |
The --------------is the premier organization in the country, which offers credit riskinsurance cover to exporters, banks, etc. |
| A. | Duty Drawback Scheme |
| B. | Focus Product Scheme |
| C. | ECGC |
| D. | none |
| Answer» D. none | |
| 64. |
Under International Trade Agreements India is required to |
| A. | Eliminate Quantitative restrictions on imports |
| B. | Eliminate Qualitative restrictions on imports |
| C. | None of the above |
| D. | Can’t say |
| Answer» B. Eliminate Qualitative restrictions on imports | |
| 65. |
MEIS benefits have also been extended to all -------------other than free trade warehousing units. |
| A. | large industries |
| B. | SEZ units |
| C. | all |
| D. | none |
| Answer» C. all | |
| 66. |
Which of the following countries is not a member of OPEC? |
| A. | Iran. |
| B. | Iraq. |
| C. | Venezuela. |
| D. | Afghanistan. |
| Answer» E. | |
| 67. |
The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC. |
| A. | Makes payment |
| B. | Guarantees |
| C. | all |
| D. | none |
| Answer» C. all | |
| 68. |
Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillmentof export obligation under Advance Authorization and EPCG Scheme |
| A. | without fees |
| B. | after payment of applicable excise duty |
| C. | all |
| D. | none |
| Answer» C. all | |
| 69. |
Duty Drawback is given only, if the in house cost of production is -------in relation to international price. |
| A. | Higher |
| B. | Lower |
| C. | Same |
| D. | none |
| Answer» B. Lower | |
| 70. |
----------are also the registering authorities under the Export Import Policy |
| A. | Export Promotion Councils |
| B. | Commodity Boards |
| C. | all |
| D. | none |
| Answer» B. Commodity Boards | |
| 71. |
If the price of the Japanese Yen declines considerably against the British Pound: |
| A. | it is always because of British government interference. |
| B. | it is always because of Japanese government interference. |
| C. | British goods are relatively cheaper for Japanese consumers. |
| D. | Japanese goods are relatively cheaper for British consumers. |
| Answer» E. | |
| 72. |
A SEZ cannot be established for |
| A. | manufacture of goods |
| B. | rendering of services |
| C. | functioning as Free Trade and Warehousing Zone |
| D. | none of the above |
| Answer» E. | |
| 73. |
In North, it takes 50 labor hours to produce cloth and 100 hours to produce grain. In South, it takes 200 labor hours to produce cloth and 200 hours to produce grain. Which of the following statements is true? |
| A. | South has an absolute advantage in the production of grain. |
| B. | North has a comparative advantage in the production of cloth. |
| C. | South has an absolute advantage in the production of both cloth and grain. |
| D. | North should produce grain. |
| Answer» C. South has an absolute advantage in the production of both cloth and grain. | |
| 74. |
Import of free gifts and relief supplies by certain organizations/institutions e.g. Indian Red Cross Society, National Defense Fund is allowed |
| A. | False |
| B. | True |
| C. | all |
| D. | none |
| Answer» C. all | |
| 75. |
What is the mode adopted by EIC for the purpose of inspection of good |
| A. | Consignment to consignment |
| B. | in process quality |
| C. | Self certification |
| D. | All of the above. |
| Answer» E. | |
| 76. |
Commercial Invoice and Proforma Invoice is same. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» C. all | |
| 77. |
India's share in global merchandise exports in 2008 was |
| A. | 1.25% |
| B. | 1.35% |
| C. | 1.45% |
| D. | 1.55% |
| Answer» D. 1.55% | |
| 78. |
Time limit for re-import of exported gems and jewellery items in India is- |
| A. | 60 days |
| B. | 70 days |
| C. | 90 days |
| D. | none |
| Answer» D. none | |
| 79. |
To improve their international marketing operations ---------- are assisted by the way of trade fairs, buyers -sellers’ meets & market promotion programs. |
| A. | Ministers |
| B. | Importers |
| C. | Exporters |
| D. | none |
| Answer» D. none | |
| 80. |
Incoterms define ____ of buyers and sellers in international trade |
| A. | Obligation |
| B. | Profitability |
| C. | Currency convertibility |
| D. | none |
| Answer» B. Profitability | |
| 81. |
In country X, it takes 50 labor hours to produce cloth and 100 hours to produce grain. In country Y, it takes 200 labor hours to produce cloth and 200 hours to produce grain. At what price would X start to be willing to trade with Y? |
| A. | More than a quarter unit of cloth per unit of grain. |
| B. | More than half a unit of cloth per unit of grain. |
| C. | More than half a unit of grain per unit of cloth. |
| D. | More than a quarter unit of grain per unit of cloth. |
| Answer» D. More than a quarter unit of grain per unit of cloth. | |
| 82. |
EOU can be located anywhere in the country. |
| A. | No |
| B. | Can’t say |
| C. | Yes |
| D. | all |
| Answer» D. all | |
| 83. |
The Negotiable Instruments Act defines a ---------as “an instrument in writing containing an unconditional order, signed by the maker directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of instrument.” |
| A. | Performa invoice |
| B. | bill of exchange |
| C. | all |
| D. | none |
| Answer» C. all | |
| 84. |
To double India's percentage share of global merchandise trade is the objective of. |
| A. | 1992- 97 policy |
| B. | 1997-02 policy |
| C. | 2002-07 policy |
| D. | 2009-14 policy |
| Answer» E. | |
| 85. |
Any person applying for any License of benefit or concession under the foreign Trade Policy will be required to furnish: |
| A. | Registration cum Membership Certificate (RCMC) |
| B. | Registration cum Membership Certificate (RCMC) |
| C. | Certificate of Origin |
| D. | None of the above |
| Answer» B. Registration cum Membership Certificate (RCMC) | |
| 86. |
Which enables an exporter to import capital goods, like plant and machinery atconcessional import duty? |
| A. | Advance license |
| B. | EPCG license |
| C. | IEC license |
| D. | FPS license |
| Answer» C. IEC license | |
| 87. |
Premier Trading House certificate has been changed to-------------- |
| A. | Five Star Export house |
| B. | Four Star Export house |
| C. | all |
| D. | none |
| Answer» B. Four Star Export house | |
| 88. |
Automobile industry, having their own R&D establishment, is allowed free import ofreference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India. |
| A. | 5 KL |
| B. | 15 KL |
| C. | 25 KL |
| D. | none |
| Answer» B. 15 KL | |
| 89. |
FDI limit in SEZs is |
| A. | 24% |
| B. | 51% |
| C. | 74% |
| D. | 100% |
| Answer» E. | |
| 90. |
Foreign Exchange Regulation Act was replaced with The Foreign Exchange Management Act in the Year |
| A. | 1973 |
| B. | 1991 |
| C. | 1995 |
| D. | 1999 |
| Answer» E. | |
| 91. |
Trade Policy is prepared and announced by the |
| A. | DGFT |
| B. | MSME |
| C. | Govt. of India |
| D. | Ministry of Commerce |
| Answer» E. | |
| 92. |
Special Economic Zones are |
| A. | situated outside India, but subject to RBI control |
| B. | treated as foreign territory and not Indian laws |
| C. | governed by international and not Indian laws |
| D. | prohibited from buying from Domestic Tariff Area |
| Answer» C. governed by international and not Indian laws | |
| 93. |
Export Promotion Capital Goods Scheme allows import of capital goods |
| A. | Free of import duty |
| B. | With concessional duty of 5 per cent with no export obligation |
| C. | With concessional duty of 5 per cent with export obligation 8 times the duty saved |
| D. | With concessional duty of 5 per cent with export obligation 8 times the import made |
| Answer» D. With concessional duty of 5 per cent with export obligation 8 times the import made | |
| 94. |
There are at present -----------Export Promotion Councils under the administrative control of the Department of Commerce |
| A. | 10 |
| B. | 11 |
| C. | 12 |
| D. | none |
| Answer» C. 12 | |
| 95. |
Bill of Lading is issued by the |
| A. | captain of the vessel |
| B. | shipping company |
| C. | customs authorities |
| D. | consignor |
| Answer» C. customs authorities | |
| 96. |
Where the headquarters of DGFT is situated? |
| A. | Mumbai |
| B. | Ahemadabad |
| C. | New Delhi |
| D. | Kanpur |
| Answer» D. Kanpur | |
| 97. |
Trade promotion Organization imparts the -----------information available in foreign markets. |
| A. | advanced |
| B. | basic |
| C. | all |
| D. | none |
| Answer» C. all | |
| 98. |
Conversion of Shipping Bills from one Export Promotion scheme to other scheme has been allowed within |
| A. | Within 1 month |
| B. | Within 3 months |
| C. | Within 2 months |
| D. | none |
| Answer» C. Within 2 months | |
| 99. |
The IEC number is a number with |
| A. | 7 digit |
| B. | 8 digits |
| C. | 9 digits |
| D. | 10 digits |
| Answer» E. | |
| 100. |
Bill of lading is a document supplied to the -------------by the shipping company that is transporting the goods to their foreign destination, listing them item by item |
| A. | importer |
| B. | exporter |
| C. | all |
| D. | none |
| Answer» C. all | |