The 'Mercosur' is a trading bloc in: MCQ with Answer and Explanation

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The 'Mercosur' is a trading bloc in:

A. South America

B. Asia

C. Africa

D. Europe

Answer: Option A

Solution (By JKSSB Mock Tests)

Mercosur is a South American trading bloc including Argentina, Brazil, Paraguay and Uruguay.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The Real Effective Exchange Rate differs from NEER because REER:

A. includes only the US dollar

B. adjusts for relative price or inflation differences

C. ignores inflation

D. is always higher

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Correct Answer: Option B

Explanation:
REER is NEER adjusted for relative inflation differences.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of inflation, 'Built-in Inflation' refers to:

A. Inflation caused by excess demand

B. One-time increase in prices

C. Inflation resulting from the wage-price spiral

D. Inflation due to supply shocks only

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Correct Answer: Option C

Explanation:
Built-in inflation arises from adaptive expectations and the wage-price spiral, where past inflation influences current wage and price setting.

This question belongs to: Economy GK Economy Set 1

Question #3

Total utility is maximum when marginal utility is:

A. negative

B. equal to average utility

C. zero

D. maximum

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Correct Answer: Option C

Explanation:
Total utility reaches its maximum when marginal utility is zero; beyond this point, marginal utility becomes negative and total utility falls.

This question belongs to: Economy GK Economy Set 1

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