indian industries & trade section 7 MCQ Questions & Answers Detailed Explanation

Answer: (d)

Answer: (a)

Answer: (c)

Kochi Refinery was set up on 27th April, 1963.

Koyali Refinery was built with Soviet assistance and went on stream in October, 1965.

Panipat Refinery was set up in 1998 at Baholi Village in Distt.

Panipat, Haryana.

Mathura Refinery was commissioned in January, 1982.

Answer: (a)

Answer: (c)

Non-tariff barriers to trade (NTBs) are trade barriers that restrict imports but are not in the usual form of a tariff. Some common examples of NTB’s are anti-dumping measures and countervailing duties, which, although they are called "non-tariff" barriers, have the effect of tariffs once they are enacted. Their use has risen sharply after the WTO rules led to a very significant reduction in tariff use.

Some non-tariff trade barriers are expressly permitted in very limited circumstances when they are deemed necessary to protect the health, safety, or sanitation, or to protect depletable natural resources.

Types of non-tariff barriers to trade include specific limitations on trade:

1. quotas,
2. import licensing requirements;
3. Proportion restrictions of foreign to domestic goods (local content requirements);
4. Minimum import price limits; and embargoes.

An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of protectionist trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.

If a quota is put on a good, less of it is imported.

Answer: (c)