International Trade — Prelims Questions

Which of the following statements regarding India's international trade is/are correct? 1. India consistently maintains a merchandise trade surplus. 2. The United States is India's largest trading partner. 3. India is a net exporter of services. Select the correct answer using the code given below:

Which of the following theories of international trade emphasizes differences in factor endowments (e.g., land, labor, capital) as the primary determinant of trade patterns?

Consider the following statements regarding India's withdrawal from the Regional Comprehensive Economic Partnership (RCEP): 1. India withdrew primarily due to concerns over potential adverse impacts on its domestic industries and farmers. 2. India sought stronger safeguards against import surges and more robust rules of origin. 3. All other SAARC member countries are part of the RCEP agreement. Which of the statements given above is/are correct?

Which of the following is NOT a non-tariff barrier (NTB) to international trade?

Consider the provisions related to trade and commerce in the Indian Constitution: 1. Article 301 guarantees freedom of trade, commerce, and intercourse throughout the territory of India. 2. 'Trade and commerce with foreign countries' falls under the Concurrent List of the Seventh Schedule. 3. The Parliament has exclusive power to legislate on 'duties of customs including export duties'. Which of the statements given above is/are correct?