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

Edit

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

Edit

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

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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

Edit