International Economics Quiz - 1

1. Inspite of continuous & consistent decline in customs duty since 1991, there have been no excessive increase in imports.
[A]TRUE
[B]FALSE



2. Current account deficit/surplus met by opposite movement from the capital account helps to correct the disequilibrium in the foreign exchange market
[A]TRUE
[B]FALSE



3. The list of traded items included in the bag of custom duty reduction points out that the concessions are tilted towards benefitting the foreign suppliers more than the domestic producers.
[A]TRUE
[B]FALSE



4. In free trade area the member countries maintain the respective previous tariff rate with the rest of the world
[A]TRUE
[B]FALSE



5. After passing the IRDA bill in 1999, Govt. decided to decentralize the GIC.from their four subsidiaries and allowed these companies to run it independently.
[A]TRUE
[B]FALSE



6. ECM countries are a very important source both for imports & exports.
[A]TRUE
[B]FALSE



7. In wait-die scheme the older transaction waits for a younger one to release its data item.
[A]TRUE
[B]FALSE



8. At the birth of the IMF, one ounce of gold was priced at $30.
[A]TRUE
[B]FALSE



9. If production takes place at the optimum level price will be not be equal to the minimum average cost of production
[A]TRUE
[B]FALSE



10. In case of exports, agriculture has surpassed gems & jewellery in terms of a higher rate of increase, though lesser in absolute figure.
[A]TRUE
[B]FALSE



11. The reigns of policy formulation & operations of the World Bank are in the hands of the Board of Directors.
[A]TRUE
[B]FALSE



12. IMF or World Bank want trading counties to follow a uniform code of classification to emphasis their importance on the world economy.
[A]TRUE
[B]FALSE



13. Production equilibrium is realised at the point of tangency between the production possibility curve and factor price ratio.
[A]TRUE
[B]FALSE



14. The inception of WTO dates back to 1995
[A]TRUE
[B]FALSE



15. In multiversion scheme to ensure serailizibility it is necessary that a transaction should be able to determine easily and quickly which version of the data item should be read.
[A]TRUE
[B]FALSE