McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Business Administration (MBA) .
Chapters
| 101. |
There are -----------statutory Commodity Boards under the Department of Commerce |
| A. | 7 |
| B. | 15 |
| C. | 10 |
| D. | none |
| Answer» A. 7 | |
| 102. |
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» A. Alternative Dispute Resolution mechanisms | |
| 103. |
The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is. |
| A. | Replenishment licence. |
| B. | Duty remission scheme |
| C. | Duty exemption scheme |
| D. | . Duty free replenishment certificate |
| Answer» A. Replenishment licence. | |
| 104. |
The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is. |
| A. | Export Promotion Capital Goods |
| B. | Export Credit Guarantee |
| C. | Duty Free Replenishment |
| D. | Duty Entitlement Passbook |
| Answer» C. Duty Free Replenishment | |
| 105. |
The license that is transferable is |
| A. | Export license |
| B. | Advance license |
| C. | DEPB license |
| D. | REP license |
| Answer» A. Export license | |
| 106. |
An airway bill is prepared in |
| A. | two copies |
| B. | three copies |
| C. | four copies |
| D. | five copies |
| Answer» B. three copies | |
| 107. |
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» A. Bill of lading | |
| 108. |
All of the following are fundamental factors used by the countries to determine the customs duties to be paid for importing goods except |
| A. | Country of origin |
| B. | Classification |
| C. | Valuation |
| D. | Markings |
| Answer» C. Valuation | |
| 109. |
The General Agreement on Tariff and Trade was replaced by |
| A. | Cross Border Trade Group |
| B. | North American Free Trade Agreement |
| C. | Multilateral Agreement |
| D. | World Trade Organization |
| Answer» D. World Trade Organization | |
| 110. |
India's share in global merchandise exports in 2008 was |
| A. | 1.25% |
| B. | 1.35% |
| C. | 1.45% |
| D. | 1.55% |
| Answer» C. 1.45% | |
| 111. |
Expand FMS |
| A. | First Market Scheme |
| B. | Focus Market Scheme |
| C. | Focus Marine Scheme |
| D. | FullMarket Scheme |
| Answer» A. First Market Scheme | |
| 112. |
Under 2009-14 FTP how many new markets have been added under FMS? |
| A. | 26 |
| B. | 24 |
| C. | 25 |
| D. | 23 |
| Answer» A. 26 | |
| 113. |
Commercial Invoice and Proforma Invoice is same. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 114. |
There is no difference between Bill of lading and mate receipt. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 115. |
There exists no difference between Bill of lading and shipping bill. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 116. |
GSP and certificate of origin are one and the same. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 117. |
------------Shipping Bill in triplicate is required for the export of dutiable goods. |
| A. | Yellow |
| B. | Red |
| C. | Green |
| D. | none |
| Answer» A. Yellow | |
| 118. |
---------Shipping Bill in 7 copies is required for exports under the DEPB scheme. |
| A. | Yellow |
| B. | Red |
| C. | Blue |
| D. | none |
| Answer» C. Blue | |
| 119. |
Reserve Bank of India administers -----------through commercial banks licensed by it as 6 authorized dealers in foreign exchange |
| A. | GST |
| B. | FEMA |
| C. | FERA |
| D. | none |
| Answer» B. FEMA | |
| 120. |
Goods going out of the country on export or entering the county on import should get customs clearance by complying with the procedures prescribed under the----- |
| A. | GST |
| B. | FEMA |
| C. | Custom Act |
| D. | none |
| Answer» C. Custom Act | |
| 121. |
ICA helps in arranging -----------------of disputes in international trade through its constituent members. |
| A. | settlement |
| B. | glorification |
| C. | arbitration |
| D. | none |
| Answer» C. arbitration | |
| 122. |
Mate's receipts is a receipt issued by the ---------of the ship when the cargo is loaded on the ship. |
| A. | Commanding Officer |
| B. | clerk |
| C. | all |
| D. | none |
| Answer» A. Commanding Officer | |
| 123. |
Under what mission has the Ministry of Railways advanced target for 100% completion of installing human waste discharge free Bio-toilets in coaches to December 2018? |
| A. | Swachh India |
| B. | Swachh Aadhar |
| C. | Swachh Bharat |
| D. | Swachh Nirman |
| Answer» C. Swachh Bharat | |
| 124. |
China launched world's first fully electric cargo ship in Guangzhou. What type of battery does it use? |
| A. | Lead acid |
| B. | Manganese |
| C. | Lithium ion |
| D. | Nickel metal hydride |
| Answer» C. Lithium ion | |
| 125. |
US Federal Communications Commission has voted _____ net neutrality. |
| A. | For |
| B. | Against |
| C. | Neither for nor against |
| D. | 50-50 For and Against |
| Answer» A. For | |
| 126. |
Which trade theory holds that nations can increase their economic well-being by specializing in the production of goods they produce more efficiently than anyone else |
| A. | The factor endowment theory. |
| B. | The theory of absolute advantage. |
| C. | The international product life cycle theory. |
| D. | The theory of comparative advantage. |
| Answer» B. The theory of absolute advantage. | |
| 127. |
Which theory holds that nations should produce those goods for which it has the greatest relative advantage? |
| A. | The theory of relative advantage. |
| B. | The theory of absolute advantage. |
| C. | The factor endowment theory. |
| D. | None of the above. |
| Answer» D. None of the above. | |
| 128. |
Which of the following holds that a government can improve the economic well-being of a country by encouraging exports and discouraging imports without a reliance on previous metals? |
| A. | Neo-mercantilism. |
| B. | The Leontief paradox. |
| C. | Quotas. |
| D. | Mercantilism. |
| Answer» A. Neo-mercantilism. | |
| 129. |
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» B. No country should produce grain. | |
| 130. |
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» B. North has a comparative advantage in the production of cloth. | |
| 131. |
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» C. More than half a unit of grain per unit of cloth. | |
| 132. |
Which of the following theories holds that countries will produce and export products that use large amounts of production factors that they have in abundance? |
| A. | The factor endowment theory. |
| B. | Mercantilism. |
| C. | The theory of absolute advantage. |
| D. | None of the above. |
| Answer» B. Mercantilism. | |
| 133. |
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» C. Import duty and central excise on indigenous components | |
| 134. |
Excise duty exemption on exports is available for duty paid on |
| A. | finished products only |
| B. | components only |
| C. | finished products and components |
| D. | imported items |
| Answer» C. finished products and components | |
| 135. |
All imported goods shall be subject to domestic laws, rules, orders, regulations. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 136. |
An EPCG License holder may source capital goods from domestic leasing company. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 137. |
Deemed exports is beneficial to Indian buyers because :- |
| A. | It reduces costs in supply chain management , Saves foreign exchange |
| B. | It reduces costs in supply chain management , After sales service is easier, Saves foreign exchange |
| C. | None of the above |
| D. | Can’t say |
| Answer» A. It reduces costs in supply chain management , Saves foreign exchange | |
| 138. |
In case of Free of cost imported raw material, value addition would be computed by adding Notional Value of free of cost material to both CIF value of imports and FOB value of exports. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 139. |
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» C. With concessional duty of 5 per cent with export obligation 8 times the duty saved | |
| 140. |
In India, the patent available for pharmaceuticals is |
| A. | for product only |
| B. | for process only |
| C. | both for product and process |
| D. | neither product nor process |
| Answer» C. both for product and process | |
| 141. |
The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is. |
| A. | Replenishment licence. |
| B. | Duty remission scheme |
| C. | Duty exemption scheme |
| D. | . Duty free replenishment certificate |
| Answer» B. Duty remission scheme | |
| 142. |
The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is. |
| A. | Export Promotion Capital Goods |
| B. | Export Credit Guarantee |
| C. | Duty Free Replenishment |
| D. | Duty Entitlement Passbook |
| Answer» D. Duty Entitlement Passbook | |
| 143. |
The license that is transferable is |
| A. | Export license |
| B. | Advance license |
| C. | DEPB license |
| D. | REP license |
| Answer» C. DEPB license | |
| 144. |
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» D. Bill of Entry | |
| 145. |
All of the following are fundamental factors used by the countries to determine the customs duties to be paid for importing goods except |
| A. | Country of origin |
| B. | Classification |
| C. | Valuation |
| D. | Markings |
| Answer» D. Markings | |
| 146. |
The General Agreement on Tariff and Trade was replaced by |
| A. | Cross Border Trade Group |
| B. | North American Free Trade Agreement |
| C. | Mutlilateral Agreement |
| D. | World Trade Organisation |
| Answer» D. World Trade Organisation | |
| 147. |
Expand FMS |
| A. | First Market Scheme |
| B. | Focus Market Scheme |
| C. | Focus Marine Scheme |
| D. | FullMarket Scheme |
| Answer» B. Focus Market Scheme | |
| 148. |
Under 2009-14 FTP how many new markets have been added under FMS? |
| A. | 23 |
| B. | 24 |
| C. | 25 |
| D. | 26 |
| Answer» D. 26 | |
| 149. |
Expand DFCE |
| A. | Duty Free Certificate of Entitlement |
| B. | Duty Focus Certificate of Entitlement |
| C. | Duty Free Certificate of Export |
| D. | Duty Free Condition of Entitlement |
| Answer» A. Duty Free Certificate of Entitlement | |
| 150. |
Which of the following enables an exporter to import inputs without paying import duties? |
| A. | Advance license |
| B. | Advance money |
| C. | DEPB |
| D. | DGFT |
| Answer» A. Advance license | |
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