The 'Agreement on Agriculture' under WTO came into force in which year? MCQ with Answer and Explanation

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The 'Agreement on Agriculture' under WTO came into force in which year?

A. 1995

B. 2000

C. 1994

D. 1998

Answer: Option A

Solution (By JKSSB Mock Tests)

The Agreement on Agriculture came into force in 1995.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of market failure, 'Asymmetric Information' leads to:

A. Perfect competition

B. Efficient market outcomes

C. Zero transaction costs

D. Adverse selection and moral hazard

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Correct Answer: Option D

Explanation:
Asymmetric information, where one party has more information than the other, can lead to adverse selection (before the contract) and moral hazard (after the contract).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Sample Survey' collects data on:

A. only foreign trade

B. only government expenditure

C. only prices

D. household consumption, employment and other socio-economic characteristics

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Correct Answer: Option D

Explanation:
NSS collects data on household consumption, employment and socio-economic indicators.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Credit Information Bureau (India) Limited' is commonly known as:

A. ICRA

B. CRISIL

C. CARE

D. CIBIL

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Correct Answer: Option D

Explanation:
Credit Information Bureau (India) Limited is known as CIBIL.

This question belongs to: Economy GK Economy Set 1

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