Consider the following methods adopted by the government to protect goods produced in India from imports.
(i) Heavy taxes were levied on imported goods.
(ii) The maximum limit on the imports of a commodity by a domestic user was fixed.
Choose the correct answer.
Both (i) and (ii) are true
- Governments impose heavy import taxes (tariffs) to protect domestic industries from foreign competition.
- Import quotas are set to restrict the quantity of goods that can be imported, thereby supporting local production.
- These policies are known as protectionist measures and are commonly used to safeguard economic interests.
- High tariffs make imported goods expensive, encouraging consumers to buy domestic alternatives.
- Such measures help in job creation and economic stability but may lead to trade disputes with other countries.
Important Questions from Economy
The Five Year Plan was first launched in
Which of the following was/were the feature(s) of Lenin’s New Economic Policy (NEP) for the Soviet Union?
1) Private retail trading was strictly forbidden
2) Private enterprise was strictly forbidden
3) Peasants were not allowed to sell their surplus
4) To secure liquid capital, concessions were allowed to foreign capitalists, but the State retained the option of purchasing the product of such concerns
Select the correct answer using the code given below:
Which one of the following was set as a target of average growth of GDP of India over the plan period 2012-2017 by the Approach Paper to the Twelfth Five year Plan?
In ________ economies, all productive resources are owned and controlled by the government.
Private ownership of the means of production is a feature of a _______ economy.
