Consider the following statements regarding trade and agriculture economics: Statement I: Lower customs duties on imported edible oils generally reduce their landed cost in the domestic market. Statement II: The Union Government has recently revised downward the basic customs duty on certain crude edible oils. Statement III: Such tariff reductions invariably improve income realisation for domestic oilseed cultivators. Which one of the following options is correct?

Question

Economics · Economy

Verified Solution4 OptionsUpdated: October 2026👁️1 View

Share:

Correct answer

Statements I and II are correct, but Statement III is incorrect

Save this question and verified answer as a clean study sheet with live clickable link.

👥

Challenge your peer aspirants on WhatsApp or Telegram to solve this question!

Online Test Series

Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.

Chapter Practice

Want more practice questions on Economy?

Solve complete topic-wise tests with detailed solutions on GkGet.

Recommended practice questions in Economics · Economy

Which of the following territories was annexed by Lord Dalhousie under the pretext of misgovernance, and not directly through the Doctrine of Lapse?

What was the primary stated reason for the Partition of Bengal in 1905 by Lord Curzon?

Which of the following events is considered the immediate trigger for the launch of the Non-Cooperation Movement by Mahatma Gandhi?

Answer 1

Statements I and II are correct, and Statement I explains Statement II

Answer 2

Statements I and III are correct, and both explain Statement II

Answer 3

Only one of Statements I and III is correct, and it explains Statement II

Answer 4

Statements I and II are correct, but Statement III is incorrect

Related Practice Questions