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Question (21)

QN0038191

An imported product costs ₹400 before an import tax of ₹100 is imposed. What percentage of the original price is the tax?

(A) 20%
(B) 25%
(C) 30%
(D) 40%

Correct Answer: B

Explanation:

Tax percentage = 100/400 × 100 = 25%.

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Question (22)

QN0038192

An imported product costs ₹50,000. If its price falls by 30% because of lower trade barriers, what is the new price?

(A) ₹30,000
(B) ₹32,500
(C) ₹35,000
(D) ₹40,000

Correct Answer: C

Explanation:

Reduction = 30% of ₹50,000 = ₹15,000. New price = ₹35,000.

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Question (23)

QN0038193

Why did India impose trade barriers after Independence?

(A) To encourage unrestricted imports
(B) To protect domestic industries from foreign competition
(C) To eliminate domestic industries
(D) To increase dependence on imports

Correct Answer: B

Explanation:

India used trade barriers to protect domestic industries from foreign competition.

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Question (24)

QN0038194

If 80 out of 100 trade restrictions are removed, what percentage of the restrictions has been removed?

(A) 20%
(B) 40%
(C) 60%
(D) 80%

Correct Answer: D

Explanation:

Percentage removed = 80/100 × 100 = 80%.

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Question (25)

QN0038195

What is meant by liberalisation in the context of globalisation?

(A) Increasing restrictions on foreign trade
(B) Removing or reducing government restrictions on foreign trade and investment
(C) Banning foreign investment
(D) Stopping imports completely

Correct Answer: B

Explanation:

Liberalisation means removing or reducing government restrictions on foreign trade and investment.

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Question (26)

QN0038196

An import duty is reduced from 20% to 8%. By how many percentage points has it been reduced?

(A) 8 percentage points
(B) 10 percentage points
(C) 12 percentage points
(D) 28 percentage points

Correct Answer: C

Explanation:

Reduction = 20 − 8 = 12 percentage points.

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Question (27)

QN0038197

What is the main purpose of the World Trade Organisation (WTO) according to the chapter?

(A) To restrict all international trade
(B) To establish rules for international trade and promote liberalisation
(C) To stop developing countries from exporting
(D) To control all domestic industries

Correct Answer: B

Explanation:

WTO establishes international trade rules and seeks to promote liberalisation.

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Question (28)

QN0038198

A country's agricultural workers receive government support in the ratio 40:10 compared with another category. What is the simplified ratio?

(A) 2:1
(B) 3:1
(C) 4:1
(D) 5:1

Correct Answer: C

Explanation:

40:10 = 4:1.

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Question (29)

QN0038199

What concern about developed countries' trade policies is highlighted in the chapter?

(A) They completely removed all barriers immediately
(B) They retained some barriers and provided subsidies to farmers
(C) They stopped supporting farmers
(D) They banned all domestic production

Correct Answer: B

Explanation:

The chapter notes that developed countries retained some trade barriers and provided subsidies to farmers.

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Question (30)

QN0038200

How can large agricultural subsidies in a developed country affect farmers in other countries?

(A) Subsidised products may be sold at lower prices, increasing competition
(B) They always increase the prices of competing products
(C) They eliminate international trade
(D) They guarantee higher incomes to all farmers

Correct Answer: A

Explanation:

Subsidies can allow farmers to sell products at lower prices, increasing competition for farmers elsewhere.

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Question (21)

An imported product costs ₹400 before an import tax of ₹100 is imposed. What percentage of the original price is the tax?

Explanation:

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Question (22)

An imported product costs ₹50,000. If its price falls by 30% because of lower trade barriers, what is the new price?

Explanation:

Link:

Question (23)

Why did India impose trade barriers after Independence?

Explanation:

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Question (24)

If 80 out of 100 trade restrictions are removed, what percentage of the restrictions has been removed?

Explanation:

Link:

Question (25)

What is meant by liberalisation in the context of globalisation?

Explanation:

Link:

Question (26)

An import duty is reduced from 20% to 8%. By how many percentage points has it been reduced?

Explanation:

Link:

Question (27)

What is the main purpose of the World Trade Organisation (WTO) according to the chapter?

Explanation:

Link:

Question (28)

A country's agricultural workers receive government support in the ratio 40:10 compared with another category. What is the simplified ratio?

Explanation:

Link:

Question (29)

What concern about developed countries' trade policies is highlighted in the chapter?

Explanation:

Link:

Question (30)

How can large agricultural subsidies in a developed country affect farmers in other countries?

Explanation:

Link:

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