Statement (I): The capital account consists of long-term capital transactions only. Statement (II): The current account includes all transactions which give rise to or use up national income. Code:
List-I List-II (a) NAMA (i) Liberalization of international investments (b) GATTS (ii) Includes industrial goods, textiles, jewellery, fish and fisheries product manufacturing industries (c) TRIMs (iii) Liberalization of trade in goods and services (d) TRIPs (iv) Provides monopoly power to owners of intellectual property. Codes:
List-I List-II (a) Tariffication (i) They have demonstrably adverse effects on other member countries (b) Prohibited subsidies (ii) They act on goods which are contingent upon export performance (c) Actionable subsidies (iii) Replacement of existing non-tariff restrictions (d) Non-actionable subsidies (iv) For industrial research in disadvantaged regions
Reasoning (R): Goods imported to a free trade zone may be re-exported without any processing, in the same form. But, goods exported by units in an EPZ are expected to have undergone some value addition by manufacturing /processing. Code:
List-I List-II (a) Tariff (i) A regulation specifying the proportion of a finished product’s components and labour that must be provided by importing country (b) Import Quota (ii) Tax imposed on product entering a country and used to protect domestic producers and/or raise revenue (c) Local-content Law (iii) A requirement that a product contain or […]
Reason (R): High rate of growth, ceteris paribus, is associated with rise in imports and increase in the imports, ceteris paribus, is associated with a fall in the relative price of imports. Code:
Reason (R): The important way to reduce imports and thereby reduce deficit in balance of payments is to adopt monetary and fiscal policies that aims at reducing aggregate expenditure in the economy. Code:
List-I List-II (a) Poverty Reduction and Growth Facility (PRGF) (i) 1997 (b) Supplemental Reserve Facility (SRF) (ii) 1974 (c) Extended Fund Facility (EFF) (iii) 1999