The 'Jamaica Accords' of 1976 formally recognized: MCQ with Answer and Explanation

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The 'Jamaica Accords' of 1976 formally recognized:

A. floating exchange rates

B. the euro currency

C. a single world currency

D. the gold standard

Answer: Option A

Solution (By JKSSB Mock Tests)

The Jamaica Accords formalized floating exchange rates.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'International Monetary Fund' Extended Fund Facility provides:

A. short-term loans

B. only technical assistance

C. medium-term support for structural balance of payments problems

D. grants to all countries

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Correct Answer: Option C

Explanation:
The Extended Fund Facility provides medium-term support for countries with structural BoP problems.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'Learning-by-Doing' models of growth?

A. Only formal R&D matters

B. Productivity is completely exogenous

C. Experience has no effect on productivity

D. Productivity rises as a by-product of cumulative production experience

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Correct Answer: Option D

Explanation:
Learning-by-doing models, originating with Arrow, treat increases in productivity as an automatic by-product of the accumulation of production experience (cumulative output).

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major reason for the growth of the service sector in India?

A. Complete absence of industrial growth

B. Only agricultural growth

C. Liberalisation, IT revolution and rising incomes

D. Decline in demand for services

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Correct Answer: Option C

Explanation:
The service sector in India has grown rapidly due to economic liberalisation, the information technology revolution, rising incomes and global demand for services such as software and BPO.

This question belongs to: Economy GK Economy Set 1

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