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

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The 'Group of 77' is a coalition of:

A. oil-exporting countries

B. European countries

C. developing countries

D. developed countries

Answer: Option C

Solution (By JKSSB Mock Tests)

The G77 is a coalition of developing countries at the United Nations.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the 'Mundell-Tobin Effect'?

A. Only monetary neutrality holds

B. Inflation has no effect on capital accumulation

C. Inflation always raises the real interest rate

D. Higher inflation can reduce the real interest rate and raise capital accumulation in some portfolio-balance models

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Correct Answer: Option D

Explanation:
The Mundell-Tobin effect suggests that an increase in expected inflation may lower the real return on money, inducing a portfolio shift toward real capital and thereby raising steady-state capital intensity.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. direct taxes

B. customs duty

C. tax cascading and barriers to interstate trade

D. income tax

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Correct Answer: Option C

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

Question #3

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Currency depreciation generally makes imports:

A. unchanged

B. more expensive in domestic currency

C. cheaper

D. subsidized

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Correct Answer: Option B

Explanation:
Depreciation makes foreign goods more expensive in domestic currency, reducing import demand.

This question belongs to: Economy GK Economy Set 1

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