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. prohibition of all tariffs

C. special tariff concessions to neighbours

D. favourable treatment to developed countries

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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Practice More Economy Set 1 Questions

Question #1

The 'Green Revolution' in India was mainly introduced during the tenure of which Prime Minister?

A. Morarji Desai

B. Lal Bahadur Shastri

C. Indira Gandhi

D. Jawaharlal Nehru

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Correct Answer: Option B

Explanation:
The Green Revolution was initiated during Lal Bahadur Shastri's tenure in the mid-1960s.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Agreement on Trade in Services' is part of:

A. IMF

B. UNCTAD

C. World Bank

D. WTO

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Correct Answer: Option D

Explanation:
GATS is a WTO agreement covering trade in services.

This question belongs to: Economy GK Economy Set 1

Question #3

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

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

B. The complete replacement of all traditional banks overnight

C. Only the activities of central banks

D. Only the use of paper-based processes

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Correct Answer: Option A

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

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