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

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The 'General Agreement on Tariffs and Trade' was signed in which year?

A. 1955

B. 1947

C. 1944

D. 1995

Answer: Option B

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 'Reserve Bank of India' issues currency notes of denominations up to:

A. Rs 1,000

B. Rs 100

C. Rs 5,000

D. Rs 10,000

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Correct Answer: Option A

Explanation:
RBI issues currency notes up to Rs 1,000 denomination, while one rupee notes are issued by Government of India.

This question belongs to: Economy GK Economy Set 1

Question #2

A mutual fund pools money from investors to invest in:

A. only real estate

B. only fixed deposits

C. only government bonds

D. a diversified portfolio of securities

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Correct Answer: Option D

Explanation:
A mutual fund invests pooled investor funds in a diversified portfolio of securities.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of public finance, 'Tax Buoyancy' measures:

A. The administrative cost of tax collection

B. The progressivity of the tax system only

C. The share of indirect taxes only

D. The responsiveness of tax revenue to changes in GDP without discretionary changes

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Correct Answer: Option D

Explanation:
Tax buoyancy is the ratio of the percentage change in tax revenue to the percentage change in GDP, reflecting both automatic and discretionary changes in the tax system.

This question belongs to: Economy GK Economy Set 1

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