Regional trade Agreement Quiz
Do you know about regional trading and its agreements? Try this regional trade agreement quiz to check your knowledge. Regional trading agreements basically refer to a treaty signed by countries to encourage the free movement of goods and services across the borders of their members. If you know this well, it will be easy for you to ace this quiz. All the best for a 100% score on this quiz. You can share this quiz with others also.
- 1.
Which of the following is not an observer country of the SAARC?
- A.
Iran
- B.
Canada
- C.
USA
- D.
China
Correct Answer
B. CanadaExplanation
Canada is not an observer country of the SAARC. The SAARC (South Asian Association for Regional Cooperation) is a regional intergovernmental organization comprising eight member countries in South Asia. Observer countries are non-member states that have expressed their interest in the activities of SAARC. Iran, USA, and China are observer countries of SAARC, but Canada is not.Rate this question:
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- 2.
Who is not a member of SAARC?
- A.
Iran
- B.
Sri Lanka
- C.
Nepal
- D.
Maldives
Correct Answer
A. IranExplanation
Iran is not a member of SAARC. SAARC, which stands for South Asian Association for Regional Cooperation, is an organization comprising eight member countries from South Asia. These member countries include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Iran, although geographically close to South Asia, is not a member of SAARC.Rate this question:
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- 3.
Which of the following countries does not have a Free Trade Agreement (FTA) with India?
- A.
Japan
- B.
Thailand
- C.
South Korea
- D.
Brazil
Correct Answer
D. BrazilExplanation
Brazil does not have a Free Trade Agreement (FTA) with India. The question asks for the country that does not have an FTA with India, and Brazil is the only option among the given countries that does not have an FTA with India.Rate this question:
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- 4.
SAARC nations observe the year 2016-2017 as
- A.
Year of Cultural Heritage
- B.
Year of Democracy and Development
- C.
Year of 'Save the Earth'
- D.
Year of Fight Against Terrorism
Correct Answer
A. Year of Cultural HeritageExplanation
The correct answer is "Year of Cultural Heritage." This means that the SAARC nations have designated the year 2016-2017 as a time to focus on and celebrate their cultural heritage. This could involve promoting and preserving traditional art, music, dance, cuisine, and other aspects of their unique cultural identities. It may also involve organizing events, exhibitions, and workshops to raise awareness about the importance of cultural heritage and its role in fostering regional cooperation and understanding.Rate this question:
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- 5.
What is the full form of SAARC, established in 1985?
- A.
Southern Asia Association of Regional Corporation
- B.
South Asian Association for Regional Corporation
- C.
Southern Asia Pacific Association of Regional Corporation
- D.
Southern Asiatic Associate for Region and Corporation
Correct Answer
B. South Asian Association for Regional CorporationExplanation
The correct answer is South Asian Association for Regional Corporation. SAARC is an organization established in 1985 to promote regional cooperation among South Asian countries. It aims to enhance economic and social progress in the region through collective efforts and collaboration.Rate this question:
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- 6.
Which country among the following is not a member of SAARC?
- A.
India
- B.
Bhutan
- C.
Maldives
- D.
Thailand
Correct Answer
D. ThailandExplanation
Thailand is not a member of SAARC. SAARC stands for South Asian Association for Regional Cooperation, and it consists of 8 member countries from South Asia. Thailand is not located in South Asia; it is located in Southeast Asia. Therefore, it is not eligible to be a member of SAARC.Rate this question:
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- 7.
The South Asian University that was jointly established by the eight SAARC member states is at
- A.
Islamabad
- B.
Dhaka
- C.
New Delhi
- D.
Kathmandu
Correct Answer
C. New DelhiExplanation
The South Asian University that was jointly established by the eight SAARC member states is located in New Delhi. SAARC stands for South Asian Association for Regional Cooperation, and the university was established to promote regional integration and cooperation among the member states. New Delhi, the capital city of India, was chosen as the location for the university due to its central location and accessibility for students from all member countries.Rate this question:
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- 8.
Where did the 17th SAARC (2011) conference held?
- A.
Addu City
- B.
New Delhi
- C.
Colombo
- D.
Dhaka
Correct Answer
A. Addu CityExplanation
The 17th SAARC conference in 2011 was held in Addu City.Rate this question:
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- 9.
To protect the domestic industries, India follows a regime of:
- A.
Devaluing the Indian currency
- B.
Quantitative restrictions on export
- C.
Devaluing the foreign currency
- D.
Quantitative restrictions on imports
Correct Answer
D. Quantitative restrictions on importsExplanation
India follows a regime of quantitative restrictions on imports to protect its domestic industries. This means that the government imposes limits on the quantity of certain goods that can be imported into the country. By doing so, India aims to reduce competition from foreign products and support its own industries by creating a market for domestically produced goods. This measure helps to safeguard local businesses, promote economic growth, and create employment opportunities within the country.Rate this question:
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- 10.
Tax holiday relation to Free Trade Zone is not applicable if
- A.
It is a startup
- B.
The report in Form 56F is filed
- C.
The sale proceeds are brought in convertible Foreign Exchange within 6 months from the end of the assessment year
- D.
The business is not formed by the reconstruction of old business
Correct Answer
C. The sale proceeds are brought in convertible Foreign Exchange within 6 months from the end of the assessment yearExplanation
In order for a tax holiday to be applicable to a Free Trade Zone, the sale proceeds must not be brought in convertible Foreign Exchange within 6 months from the end of the assessment year. This means that if the business brings in the sale proceeds in a foreign currency that can be easily exchanged, within the specified time frame, they will not be eligible for the tax holiday.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Aug 16, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 12, 2022Quiz Created by
Sophia Smith
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