The 'General Agreement on Trade in Services' came into force in which year? MCQ with Answer and Explanation

The 'General Agreement on Trade in Services' came into force in which year?
A. 2000
B. 2005
C. 1995
D. 1994
Answer: Option C
Solution (By JKSSB Mock Tests)
GATS came into force in 1995 as part of WTO agreements.

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Practice More Economy Set 1 Questions

Question #1
The 'Paramparagat Krishi Vikas Yojana' promotes:
A. hydroponics only
B. chemical farming
C. organic farming
D. GM crops

Correct Answer: Option C


Explanation:
PKVY promotes organic farming through cluster-based approach.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a type of tax based on the impact on income distribution?
A. Ad valorem tax as a distribution classification
B. Proportional tax
C. Regressive tax
D. Progressive tax

Correct Answer: Option A


Explanation:
Ad valorem is a classification based on the method of assessment (percentage of value). Based on impact on distribution, taxes are progressive, proportional or regressive.

This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Dynamic Inconsistency' is most relevant for:
A. Only labour market policy
B. Only trade policy
C. The design of monetary policy rules versus discretion
D. Only fiscal policy

Correct Answer: Option C


Explanation:
Dynamic (or time) inconsistency problems are central to the debate on rules versus discretion in monetary policy, because policymakers may have an incentive to deviate from previously announced optimal policies.

This question belongs to: Economy GK Economy Set 1