Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

2220
Total Questions

Practice Questions

Page 61 of 111
Question #1201
The 'trade facilitation agreement' of the WTO aims to:
A. ban exports
B. simplify and harmonize customs procedures
C. increase tariffs
D. restrict foreign investment
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
The Trade Facilitation Agreement aims to simplify customs procedures and ease trade.
This question belongs to: Economy GK Economy Set 1
Question #1202
The 'non-tariff barrier' includes which of the following?
A. Sanitary and phytosanitary standards, quotas and licensing
B. Customs valuation only
C. Import duties
D. Export duties
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Non-tariff barriers include quotas, licensing, technical standards and sanitary measures.
This question belongs to: Economy GK Economy Set 1
Question #1203
The 'dumping margin' is the difference between:
A. export price and cost of production
B. tariff and subsidy
C. import price and domestic price
D. export price and home market price
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Dumping margin is the difference between the normal value (home market price) and export price.
This question belongs to: Economy GK Economy Set 1
Question #1204
The 'countervailing duty' is imposed to countervail:
A. dumping
B. foreign export subsidies
C. currency depreciation
D. high tariffs
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Countervailing duties offset foreign subsidies on exports.
This question belongs to: Economy GK Economy Set 1
Question #1205
The 'free trade area' is an arrangement where member countries:
A. share a common currency
B. harmonize taxes
C. adopt a common external tariff
D. eliminate tariffs among themselves but retain independent external tariffs
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
In a free trade area, members remove tariffs among themselves but maintain independent external tariffs.
This question belongs to: Economy GK Economy Set 1
Question #1206
A 'customs union' differs from a free trade area by having:
A. free movement of labour
B. a common currency
C. a common external tariff
D. separate external tariffs
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
A customs union has a common external tariff along with internal free trade.
This question belongs to: Economy GK Economy Set 1
Question #1207
A 'common market' includes not only free trade and a common external tariff but also:
A. common defence
B. common currency
C. free movement of factors of production
D. common taxation only
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
A common market allows free movement of goods, services, capital and labour.
This question belongs to: Economy GK Economy Set 1
Question #1208
The 'European Union' is an example of:
A. an economic union
B. a free trade area only
C. a bilateral agreement
D. a simple customs union
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The European Union is an economic union with deep integration, including common currency for many members.
This question belongs to: Economy GK Economy Set 1
Question #1209
The 'Brexit' refers to the exit of which country from the European Union?
A. United Kingdom
B. France
C. Germany
D. Italy
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Brexit refers to the United Kingdom's exit from the European Union.
This question belongs to: Economy GK Economy Set 1
Question #1210
The 'G-20' is a group of:
A. 20 EU countries
B. major advanced and emerging economies
C. 20 poorest countries
D. 20 African countries
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
The G20 is a group of major advanced and emerging economies.
This question belongs to: Economy GK Economy Set 1
Question #1211
The 'G-7' group includes which of the following countries?
A. Russia, China, India, Brazil
B. Australia, South Korea, South Africa
C. United States, United Kingdom, Germany, France, Italy, Japan, Canada
D. India, China, Brazil
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The G7 comprises the US, UK, Germany, France, Italy, Japan and Canada.
This question belongs to: Economy GK Economy Set 1
Question #1212
The 'BRICS' group originally included Brazil, Russia, India, China and:
A. Indonesia
B. South Africa
C. South Korea
D. Turkey
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
BRICS consists of Brazil, Russia, India, China and South Africa.
This question belongs to: Economy GK Economy Set 1
Question #1213
The 'Human Capital Index' is published by:
A. IMF
B. UNESCO
C. World Bank
D. UNDP
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The Human Capital Index is published by the World Bank.
This question belongs to: Economy GK Economy Set 1
Question #1214
The 'Global Competitiveness Report' is published by:
A. IMF
B. World Bank
C. UNCTAD
D. World Economic Forum
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
The Global Competitiveness Report is published by the World Economic Forum.
This question belongs to: Economy GK Economy Set 1
Question #1215
The 'Logistic Performance Index' is published by:
A. World Bank
B. UNCTAD
C. WTO
D. IMF
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Logistics Performance Index is published by the World Bank.
This question belongs to: Economy GK Economy Set 1
Question #1216
The 'World Happiness Report' is published by:
A. United Nations Sustainable Development Solutions Network
B. IMF
C. World Economic Forum
D. World Bank
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The World Happiness Report is published by the UN Sustainable Development Solutions Network.
This question belongs to: Economy GK Economy Set 1
Question #1217
The 'Global Hunger Index' is published by:
A. World Bank
B. UNDP
C. Concern Worldwide and Welthungerhilfe
D. WHO
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The Global Hunger Index is jointly published by Concern Worldwide and Welthungerhilfe.
This question belongs to: Economy GK Economy Set 1
Question #1218
The 'Multidimensional Poverty Index' was developed by:
A. UNESCO
B. World Bank
C. IMF
D. UNDP and Oxford Poverty and Human Development Initiative
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
MPI was developed by UNDP and the Oxford Poverty and Human Development Initiative.
This question belongs to: Economy GK Economy Set 1
Question #1219
The 'Food and Agriculture Organization' is headquartered in:
A. Geneva
B. New York
C. Vienna
D. Rome
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
The Food and Agriculture Organization is headquartered in Rome, Italy.
This question belongs to: Economy GK Economy Set 1
Question #1220
The 'United Nations Conference on Trade and Development' is headquartered in:
A. New York
B. Vienna
C. Geneva
D. Rome
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
UNCTAD is headquartered in Geneva, Switzerland.
This question belongs to: Economy GK Economy Set 1
Today's Top Topics
Economy Set 1 2220
Explore Subjects
Accountancy and Statistics 3179 English 15164 Computer 5279 Geography GK 6121 Reasoning 2064
Practice Mix
Which of the following is the primary reason for the high rainfall in the Eastern Ghats?
In Access, which of the following is a valid way to import data from an Excel spreadsheet?
Find the error: 'She has a beautiful hair.'
The shortcut to open the 'Find' dialog in MS Excel is:
The noun 'news' is singular, so we say: