The 'Dunkel Draft' was associated with: MCQ with Answer and Explanation

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The 'Dunkel Draft' was associated with:

A. GATT/WTO negotiations

B. human rights

C. IMF reforms

D. climate change

Answer: Option A

Solution (By JKSSB Mock Tests)

The Dunkel Draft was a proposal by Arthur Dunkel that formed the basis of the Uruguay Round agreement.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a characteristic of oligopoly?

A. Large number of independent sellers

B. Perfect information and no barriers

C. Interdependence among firms

D. Homogeneous product with free entry

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Correct Answer: Option C

Explanation:
Oligopoly is characterised by a few firms that are interdependent in their decision-making, as the actions of one firm affect the others.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of economic theory, the 'Production Possibility Frontier' shifts outward when there is:

A. Inefficient allocation of resources

B. Unemployment of resources

C. Economic growth due to increase in resources or technology

D. Decrease in the labour force

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Correct Answer: Option C

Explanation:
An outward shift of the PPF indicates economic growth, which can result from an increase in the quantity or quality of resources or from technological progress.

This question belongs to: Economy GK Economy Set 1

Question #3

If a 10% increase in the price of a good causes quantity demanded to fall by 5%, the price elasticity of demand is:

A. 5

B. 1

C. 0.5

D. 2

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Correct Answer: Option C

Explanation:
Elasticity = 5% / 10% = 0.5, which is inelastic.

This question belongs to: Economy GK Economy Set 1

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