The 'Generalized System of Preferences' allows developed countries to: MCQ with Answer and Explanation

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The 'Generalized System of Preferences' allows developed countries to:

A. impose higher tariffs on developing countries

B. harmonize exchange rates

C. grant preferential tariff treatment to developing countries

D. ban imports from developing countries

Answer: Option C

Solution (By JKSSB Mock Tests)

GSP allows developed countries to grant preferential tariff treatment to developing countries.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'World Economic Forum' holds its annual meeting in:

A. Geneva

B. Basel

C. Zurich

D. Davos

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Correct Answer: Option D

Explanation:
The World Economic Forum annual meeting is held in Davos, Switzerland.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'balance of payments' crisis of 1991 in India was partly caused by:

A. fiscal surplus

B. high foreign exchange reserves

C. high oil import bill and declining remittances

D. high exports

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Correct Answer: Option C

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 #3

The 'demonetization' of high-value currency notes in 2016 included notes of which denominations?

A. Rs 500 and Rs 1,000

B. Rs 100 and Rs 500

C. Rs 1,000 and Rs 2,000

D. Rs 100 and Rs 1,000

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Correct Answer: Option A

Explanation:
Demonetization in November 2016 invalidated old Rs 500 and Rs 1,000 notes.

This question belongs to: Economy GK Economy Set 1

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