The 'General Agreement on Trade in Services' is part of: MCQ with Answer and Explanation

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The 'General Agreement on Trade in Services' is part of:

A. World Bank

B. IMF

C. WTO

D. UNCTAD

Answer: Option C

Solution (By JKSSB Mock Tests)

GATS is a WTO agreement covering trade in services.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Millennium Development Goals' were replaced by which framework?

A. Sendai Framework

B. Sustainable Development Goals

C. Kyoto Protocol

D. Paris Agreement

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Correct Answer: Option B

Explanation:
The SDGs replaced the Millennium Development Goals in 2016.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of monetary economics, the 'Velocity of Circulation of Money' refers to:

A. The average number of times a unit of money is used to purchase final goods and services in a given period

B. The rate of interest

C. The rate of inflation only

D. The growth rate of the money supply

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Correct Answer: Option A

Explanation:
Velocity of money measures how frequently the average unit of currency is spent on final goods and services during a given time period; it appears in the equation of exchange.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Purchasing Power Parity' theory in its absolute form?

A. The exchange rate equals the interest differential

B. Exchange rates are determined only by trade balances

C. Only relative changes in prices matter

D. The exchange rate between two currencies equals the ratio of the countries’ price levels

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Correct Answer: Option D

Explanation:
Absolute purchasing power parity states that the nominal exchange rate should equal the ratio of the domestic to the foreign price level so that a basket of goods costs the same in both countries.

This question belongs to: Economy GK Economy Set 1

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