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Fourth & Fifth Plans

The theory wh...

Question

The theory whereby nascent industries in the country remain protected from external competition with the help of tools like tariffs and quotas is called___

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Solution

The Infant Industry Argument argues that nascent industries in the country should remain protected from external competition with the help of tools like tariffs and quotas.

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Q3. Consider the following statements about Trade War:

1. A trade war happens when one country puts up a trade barrier, like strict tariffs.

2. It is done to protect its economy from foreign competition.

Which of the statements are correct?

Q. How can a country protect its domestic producers from international competition?

Q. "The process whereby people are protected against illness caused by infection with micro-organisms." This process is called ___________.

Q. Consider the following statements

1. Quotas and Certificates form a part of Non Tariff Barriers
2. Customs duty is an example of Tariff Barrier

Which of the above are correct?

Q. Prior to 1991, the Government of India used as a tool to support the domestic producers and protect them from foreign competition.

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