In the context of international finance, 'Bretton Woods Institutions' refer to: MCQ with Answer and Explanation

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In the context of international finance, 'Bretton Woods Institutions' refer to:

A. OECD and G20 only

B. ADB and AIIB

C. IMF and World Bank

D. WTO and UNCTAD

Answer: Option C

Solution (By JKSSB Mock Tests)

The Bretton Woods Conference (1944) led to the creation of the International Monetary Fund and the World Bank (IBRD).

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Natural Monopoly' arises when:

A. Many firms can produce at the same minimum cost

B. There are no economies of scale

C. The market is perfectly competitive

D. A single firm can supply the entire market at lower cost than two or more firms because of large fixed costs and declining average costs

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Correct Answer: Option D

Explanation:
A natural monopoly exists when subadditive costs (typically due to large fixed costs and declining average costs) make it more efficient for a single firm to serve the entire market.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Laffer curve' was popularized by which economist?

A. Milton Friedman

B. Arthur Laffer

C. John Maynard Keynes

D. Paul Samuelson

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Correct Answer: Option B

Explanation:
The Laffer curve was popularized by Arthur Laffer.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Intergenerational Equity' is particularly relevant in the context of:

A. Only private investment decisions

B. Only trade policy

C. Public debt and fiscal sustainability

D. Only short-term monetary policy

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Correct Answer: Option C

Explanation:
Intergenerational equity concerns the fairness of distributing the burden of public debt and resource use between present and future generations, important for fiscal sustainability.

This question belongs to: Economy GK Economy Set 1

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