The 'Group of 77' is a coalition of: MCQ with Answer and Explanation

The 'Group of 77' is a coalition of:
A. European countries
B. developing countries
C. oil-exporting countries
D. developed countries
Answer: Option B
Solution (By JKSSB Mock Tests)
The G77 is a coalition of developing countries at the United Nations.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the 'Purchasing Power Parity' theory in its absolute form?
A. The exchange rate between two currencies equals the ratio of the countries’ price levels
B. Exchange rates are determined only by trade balances
C. Only relative changes in prices matter
D. The exchange rate equals the interest differential

Correct Answer: Option A


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
Question #2
The 'Employees' Provident Funds and Miscellaneous Provisions Act' was enacted in which year?
A. 1956
B. 1952
C. 1948
D. 1961

Correct Answer: Option B


Explanation:
EPF Act was enacted in 1952.

This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Lifelong Learning' in the context of technological change emphasises:
A. Only front-loaded education in youth
B. Only on-the-job training without formal education
C. The irrelevance of skills in a digital economy
D. The need for continuous education and skill upgrading throughout an individual’s working life

Correct Answer: Option D


Explanation:
Lifelong learning refers to the ongoing, voluntary and self-motivated pursuit of knowledge and skills throughout life, which becomes increasingly important as technological change accelerates the obsolescence of existing skills.

This question belongs to: Economy GK Economy Set 1