The 'BIMSTEC' grouping includes countries from: MCQ with Answer and Explanation

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The 'BIMSTEC' grouping includes countries from:

A. Europe

B. Africa

C. South Asia and Southeast Asia

D. Latin America

Answer: Option C

Solution (By JKSSB Mock Tests)

BIMSTEC includes countries from South Asia and Southeast Asia around the Bay of Bengal.

This question belongs to: Economy GK Economy Set 1

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Question #1

Fiscal deficit is best defined as:

A. total expenditure minus total receipts excluding borrowings

B. total expenditure minus interest payments

C. revenue expenditure minus revenue receipts

D. total receipts minus total expenditure

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Correct Answer: Option A

Explanation:
Fiscal deficit is the excess of total expenditure over total receipts excluding borrowings.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a function of the World Bank?

A. Providing long-term loans for development projects

B. Poverty reduction initiatives

C. Technical assistance for development

D. Providing short-term balance of payments support

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Correct Answer: Option D

Explanation:
Short-term balance of payments support is primarily the function of the IMF. The World Bank focuses on long-term development finance and poverty reduction.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of development economics, the 'Kuznets Curve' suggests that:

A. Inequality is unrelated to the level of development

B. Inequality falls continuously with development

C. Inequality first rises and then falls with economic development

D. Inequality rises continuously with development

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Correct Answer: Option C

Explanation:
The Kuznets hypothesis proposes an inverted-U relationship between income inequality and per capita income: inequality rises in the early stages of development and declines later.

This question belongs to: Economy GK Economy Set 1

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