International Economics-WTO and Regional Trade Blocks [GATE (Graduate Aptitude Test in Engineering) Economics (XH-C1)]: Questions 6 - 9 of 20
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Question 6
Appeared in Year: 2017
Question Assertion-Reason▾
Assertion(Ꭺ)
The existence of industries with increasing returns to scale creates an additional opportunity to gain from trade. (November Paper III)
Reason(Ꭱ)
By specializing in a smaller number of industries, countries can produce more in each industry and the costs of production will, therefore, fall.
Choices
Choice (4) | Response | |
---|---|---|
a. | Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ | |
b. | Both Ꭺ and Ꭱ are false | |
c. | Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ | |
d. | Ꭺ is true but Ꭱ is false |
Question 7
Appeared in Year: 2017
Question MCQ▾
If export price increases by 5 percent and import price by 20 percent, the commodity terms of trade is: (November Paper II)
Choices
Choice (4) | Response | |
---|---|---|
a. | 4 | |
b. | 0.91 | |
c. | 0.25 | |
d. | 0.87 |
Question 8
Appeared in Year: 2017
Question MCQ▾
In the terminology of WTO, which among the following is not an amber box subsidy?
(January Paper-3)
Choices
Choice (4) | Response | |
---|---|---|
a. | Minimum support price of cereals | |
b. | Cost of government pest control and management | |
c. | Subsidy on seeds | |
d. | Subsidy on irrigation rates |
Question 9
Question MCQ▾
Who was the one who put forth a concept that regional blocs not only create trade but also reduce/divert trade?
Choices
Choice (4) | Response | |
---|---|---|
a. | Alfred Marshall | |
b. | Jacob Viner | |
c. | J B Say | |
d. | Adam Smith |