Economics (Part – X) - Mock Test 365

Total Questions: 50

31. Which of the following recommends Minimum Support Prices for crops in India? [S.S.C. Online CHSL (T-I) 9.08.2021 (Shift-III)]

(a) NITI Aayog
(b) Commission for Agricultural Costs & Prices
(c) Fiscal Prudence Commission
(d) Indian Council of Agricultural Research

Correct Answer: (b) Commission for Agricultural Costs & Prices

Solution:The Commission for Agricultural Costs and Prices rec-ommends minimum support prices for crops in India.

32. Money transfer through mobile is called________. [S.S.C. Online C.G.L.(T-I) 7.09.2016 (Shift-III)]

(a) IFSC
(b) ATM
(c) IMPS
(d) IFS

Correct Answer: (c) IMPS

Solution:NEFT, RTGS and IMPS are the three methods by which one can transfer funds through mobile, internet banking. IMPS is a real-time payment service that is available round the clock, including on holidays.

33. All monetary transfers or kinds sent by migrants to their place of origin are called________. [S.S.C. Online CGL (T-I) 24.08.2021 (Shift-III)]

(a) payments
(b) drafts
(c) remittances
(d) bills

Correct Answer: (c) remittances

Solution:All monetary transfers or kinds sent by migrants to their place of origin are called remittances. Remit. tances help in stimulating economic development in recipient countries, but this can also make such countries over reliant on them.

34. Picture of which US President is on the 5 dollar note? [SS.C. Online CHSL (T-I) 21.01.2017 (Shift-I)]

(a) George Washington
(b) Thomas Jefferson
(c) Abraham Lincoln
(d) Andrew Jackson

Correct Answer: (c) Abraham Lincoln

Solution:The $5 note features a portrait of President Abraham Lincoln on the front of the note.

35. India was ranked at which place among emerging economies on Inclusive Development Index (ID1-2018) released by World Economic Forum (WEF)? [S.S.C. Online CHSL (T-I) 22.03.2018 (Shift-I)]

(a) 26ᵗʰ
(b) 47ᵗʰ
(c) 62ⁿᵈ
(d) 81ˢᵗ

Correct Answer: (c) 62ⁿᵈ

Solution:India had been ranked at 62nd place among emerging economies on an Inclusive Development Index (IDI-2018) released by World Economic Forum (WEF). India's position was much below China (26th) and Pakistan (47th). The 2018 index, measured the progress of 103 economies on three individual pillars: growth and development; inclusion; and inter-generational equity.

36. The main watchdog of international trade is [S.S.C. Online MTS (T-I) 20.09.2017 (Shift-II)]

(a) World Trade Organization (WTO)
(b) International Trade Center
(c) World Customs Organization
(d) World Bank (IMF)

Correct Answer: (a) World Trade Organization (WTO)

Solution:The main watchdog of International Trade is the World Trade Organization (WTO). It is an international body that promotes free trade by persuading countries to abolish import tariffs and other barriers. It was established on 1 January 1995 in Geneva, Switzerland.

37. Which theory in economics proposes that countries export what they can most efficiently and plentifully produce? [S.S.C. Online C.G.L. (T-I) 13.06.2019(Shift-II)]

(a) Input-Output Model
(b) Heckscher-Ohlin Model
(c) Solow-Swan Model
(d) Cournot Competition

Correct Answer: (b) Heckscher-Ohlin Model

Solution:In economics, the theory of the Heckscher Ohlin model postulates that a country exports only what it produces most efficiently and in abundance.

38. The 'National Trade Facilitation Action Plan' has been formulated for implementation of World Trade Organisation's Trade Facilitation Agreement (TFA). It will be implemented in between the years_________. [S.S.C. Online CHSL (T-I)7.03.2018 (Shift-II)]

(a) 2017-20
(b) 2018-20
(c) 2018-21
(d) 2019-22

Correct Answer: (a) 2017-20

Solution:The 'National Trade Facilitation Action Plan' has been formulated for implementation of World Trade Organisation's Trade Facilitation Agreement (TFA). It will be implemented between the years 2017-20.

39. In which round was the WTO Agriculture Agreement transferred in 1993? [S.S.C. Online Constable GD 2.03.2019 (Shift-II)]

(a) Washington Round
(b) Uruguay Round
(c) Brazil Round
(d) Paris Round

Correct Answer: (b) Uruguay Round

Solution:

In the year 1993, the WTO Agriculture Agreement was signed in the Uruguay Round. New areas such as agriculture, textiles, service trade and intellectual property rights were included in the Uruguay Round of negotiations.

40. GATT was established in 1948 with_______ countries as the global trade organization to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes [S.S.C. Online CPO SI (T-I) 09.11.2022 (Shift-I)]

(a) 29
(b) 23
(c) 35
(d) 28

Correct Answer: (b) 23

Solution:The General Agreement on Tariffs and Trade (GATT), signed in 1947 by 23 countries, is a treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies. It was intend-ed to boost economic recovery after World War II.

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Economics (Part – X)