ESE 2020Q98
Q: Statement (I): Raw materials are taken as traded items and their values at domestic and world prices are estimated. Statement (II): Raw materials, which have a high value-to-volume ratio and involve proportionately high transport cost and are imported, are regarded as non-traded items.
(a)Both Statement (I) and Statement (II) are individually true and Statement (II) is the correct explanation of Statement (I)
(b)Both Statement (I) and Statement (II) are individually true but Statement (II) is not the correct explanation of Statement (I)
(c)Statement (I) is true but Statement (II) is false
(d)Statement (I) is false but Statement (II) is true
Correct Answer: (b)
Detailed explanation coming soon.