Question : A Trade Policy consists of
Option 1: Export-Import Policy
Option 2: Licencing Policy
Option 3: Foreign Exchange Policy
Option 4: Balance of Payment Policy
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Correct Answer: Export-Import Policy
Solution : The correct answer is the Export-Import Policy.
Export-Import Policy is a component of trade policy. Trade policy is the set of rules and agreements that govern overseas imports and exports. These policies are country-specific and are developed by elected leaders. Tariffs, quotas, subsidies and technological trade obstacles are examples of export-import policies.
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