The 'General Agreement on Tariffs and Trade' was signed in which year? MCQ with Answer and Explanation

Question
The 'General Agreement on Tariffs and Trade' was signed in which year?
A. 1947
B. 1955
C. 1995
D. 1944
Answer: Option A
Solution (By JKSSB Mock Tests)
GATT was signed in 1947 and came into force in 1948.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'balance of payments' crisis of 1991 in India was partly caused by:
A. high foreign exchange reserves
B. fiscal surplus
C. high exports
D. high oil import bill and declining remittances
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Correct Answer: Option D

Explanation:
The 1991 BoP crisis was triggered by high oil prices, declining remittances and low reserves.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a role of the government in a mixed economy?
A. Provision of public goods
B. Correction of externalities
C. Complete control over all production decisions
D. Redistribution of income
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Correct Answer: Option C

Explanation:
In a mixed economy, the government intervenes to provide public goods, correct externalities and redistribute income, but does not completely control all production decisions, which remain partly with the private sector.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Saubhagya' scheme aims to provide:
A. gas connections
B. water connections
C. bank accounts
D. electricity connections to all households
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Correct Answer: Option D

Explanation:
Saubhagya aims to provide universal household electricity access.
This question belongs to: Economy GK Economy Set 1
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