The 'International Bank for Reconstruction and Development' mainly provides: MCQ with Answer and Explanation

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The 'International Bank for Reconstruction and Development' mainly provides:

A. short-term balance of payments support

B. loans to middle-income and creditworthy low-income countries

C. grants only

D. military aid

Answer: Option B

Solution (By JKSSB Mock Tests)

IBRD provides loans to middle-income and creditworthy low-income countries.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'New Development Bank' was established by BRICS in which year?

A. 2012

B. 2014

C. 2016

D. 2015

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Correct Answer: Option B

Explanation:
The New Development Bank was established by BRICS in 2014 and began operations in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Fintech' revolution in financial services?

A. The complete replacement of all traditional banks overnight

B. Only the activities of central banks

C. Only the use of paper-based processes

D. The use of technology to deliver financial services in new ways, often by non-traditional providers

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Correct Answer: Option D

Explanation:
Fintech refers to technological innovation in the design and delivery of financial services, encompassing payments, lending, insurance, wealth management and other activities often provided by new entrants.

This question belongs to: Economy GK Economy Set 1

Question #3

A regressive tax is one where:

A. there is no tax on income

B. the tax rate rises as income rises

C. the tax rate is constant

D. the tax burden falls more heavily on lower income groups

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Correct Answer: Option D

Explanation:
A regressive tax takes a larger percentage of income from low-income earners.

This question belongs to: Economy GK Economy Set 1

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