The 'International Bank for Reconstruction and Development' and International Development Association together are called: MCQ with Answer and Explanation

Question
The 'International Bank for Reconstruction and Development' and International Development Association together are called:
A. IMF
B. United Nations
C. World Bank Group
D. World Bank (narrowly)
Answer: Option D
Solution (By JKSSB Mock Tests)
IBRD and IDA together are often referred to as the World Bank.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a non-debt capital receipt?
A. Disinvestment proceeds
B. Treasury bills issued
C. Borrowings from the market
D. External loans
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Correct Answer: Option A

Explanation:
Disinvestment proceeds are non-debt capital receipts as they involve sale of assets and do not create a future repayment liability.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Habit-Formation' models of consumption?
A. Only permanent income matters
B. Utility depends only on current consumption
C. Habits are irrelevant for saving behaviour
D. Current utility depends on current consumption relative to a habit stock formed by past consumption
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Correct Answer: Option D

Explanation:
Habit-formation models allow current utility to depend on the deviation of current consumption from a habit level determined by past consumption, generating persistence in consumption growth.
This question belongs to: Economy GK Economy Set 1
Question #3
The term 'Balance of Trade' refers to:
A. Difference between exports and imports of goods and services
B. Overall surplus or deficit in balance of payments
C. Difference between exports and imports of goods only
D. Capital account balance
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Correct Answer: Option C

Explanation:
Balance of Trade is the difference between the value of exports and imports of merchandise (goods) only. Balance of payments is a broader concept including services and capital flows.
This question belongs to: Economy GK Economy Set 1
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