In the context of international trade, 'Most Favoured Nation' (MFN) treatment means: MCQ with Answer and Explanation

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In the context of international trade, 'Most Favoured Nation' (MFN) treatment means:

A. Preferential treatment to one country only

B. Equal trade treatment to all member countries

C. Ban on imports from certain countries

D. Higher tariffs for all countries

Answer: Option B

Solution (By JKSSB Mock Tests)

MFN principle under WTO requires that any advantage granted to one member country must be extended to all other members, ensuring non-discrimination.

This question belongs to: Economy GK Economy Set 1

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The 'self-assessment tax' is paid by a taxpayer:

A. on the basis of self-computation before filing return

B. by employer only

C. after assessment by the department

D. only after a notice

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Correct Answer: Option A

Explanation:
Self-assessment tax is computed and paid by the taxpayer before filing return.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'World Economic Forum' holds its annual meeting in:

A. Zurich

B. Basel

C. Davos

D. Geneva

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Correct Answer: Option C

Explanation:
The World Economic Forum annual meeting is held in Davos, Switzerland.

This question belongs to: Economy GK Economy Set 1

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The 'Goods and Services Tax' on petroleum and natural gas is:

A. 5%

B. 18%

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D. 0%

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Correct Answer: Option C

Explanation:
Petroleum products and natural gas are outside GST.

This question belongs to: Economy GK Economy Set 1

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