Top 250+ Solved Business Economics MCQ Questions Answer
Q. Pick out the wrong statement.
a. Tariffs are primarily levied to earn revenue.
b. Tariffs are levied to protect domesticindustries.
c. Tariffs reduce the prices of the commodity on which it is levied.
d. Tariffs affect the income and employment.
Q. Pick out the wrong statement.
a. Tariffs restrict trade
b. Import quotas have a direct effect in reducing imports
c. Voluntary export restraint is an example of tariff barriers.
d. An export subsidy is a government grant given to an export firm.
Q. Economic integration means.
a. Application of tariffs
b. Removal of customs duties
c. Banning the movement of goods and services
d. banning trade
Q. _ is the highest form of economic integration.
a. Preferential trading system
b. Free trade union
c. Customs union
d. Economic union
Q. The European Economic Community (EEC) was founded in 1957 under the treaty of _.
a. Paris
b. Rome
c. Washington
d. Veraiiles
Q. Pick out the feature which does not describe European Union.
a. Common currency
b. Elimination of customs duties on the movement of goods.
c. Independent policies for agriculture among member nations.
d. Creation of a European Social Fund to improve employment opportunities of workers.
Q. Prime Minister _ announced the government’s intention that U.K. will not seek permanent membership of the European single market or the EU customs union after leaving the EU.
a. David Cameroon
b. Trump
c. Narendra Modi
d. Theresa May
Q. The referendum for Brexit was held on _ .
a. July 1st 2017
b. June 23rd 2016
c. September 1,2017
d. July 23rd 2016
Q. The full form of ASEAN is _ .
a. Association of South East African Nations
b. Association of South Europe Allied Nations
c. Association of South East Asian Nations
d. Association oS Southern,eastern European Nations
Q. ASEAN was formed with the signing of _.
a. European declaration
b. American declaration
c. Asean declaration
d. Bangkok declaration
Q. Pick out the wrong statement.
a. The objective of ASEAN is to achieve economic,political, social and cultural co- operation among its members.
b. U.K. is a member of ASEAN
c. There will be free movement of goods and services within ASEAN
d. ASEAN FTA will improve business competitiveness between the members.
Q. The objective of commercial policy is / are _ .
a. increase trade relation
b. endanger domestic market
c. allow import of goods
d. Restrict exports