The Most-Favoured-Nation principle under the WTO implies: MCQ with Answer and Explanation

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The Most-Favoured-Nation principle under the WTO implies:

A. non-discriminatory treatment between trading partners

B. favourable treatment to developed countries

C. special tariff concessions to neighbours

D. prohibition of all tariffs

Answer: Option A

Solution (By JKSSB Mock Tests)

The MFN principle requires non-discriminatory treatment among WTO members.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' revenue from CGST is credited to:

A. Consolidated Fund of India

B. Contingency Fund

C. state governments

D. Public Account

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Correct Answer: Option A

Explanation:
CGST revenue is credited to the Consolidated Fund of India.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Opportunity Cost' is best defined as:

A. The total cost incurred in production

B. The cost of producing one more unit of a commodity

C. The difference between total revenue and total cost

D. The value of the next best alternative forgone

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Correct Answer: Option D

Explanation:
Opportunity cost refers to the value of the next best alternative that is sacrificed when a choice is made. It is a fundamental concept in economics.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a component of the current account of the balance of payments?

A. External commercial borrowings

B. Foreign direct investment

C. Portfolio investment

D. Trade in goods and services

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Correct Answer: Option D

Explanation:
The current account includes merchandise trade, trade in services, primary income and secondary income (transfers). FDI, portfolio investment and ECBs are capital account items.

This question belongs to: Economy GK Economy Set 1

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