UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today’s subject quiz on the Economy to check your progress.

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With reference to the Tariff Rate Quota (TRQ), consider the following statements:

1. It is a mechanism that allows a set quantity of specific products to be exported.

2. Tariff quotas are mostly used in the agriculture sector.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Relevance: The topic links with customs duties, agricultural trade, trade liberalisation and the World Trade Organisation (WTO) framework.…