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. special tariff concessions to neighbours

B. prohibition of all tariffs

C. favourable treatment to developed countries

D. non-discriminatory treatment between trading partners

Answer: Option D

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

Which of the following is NOT a component of the Index of Industrial Production (IIP) in India?

A. Mining

B. Manufacturing

C. Agriculture

D. Electricity

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Correct Answer: Option C

Explanation:
The IIP covers mining, manufacturing and electricity sectors. Agriculture is measured separately through other indices and production estimates.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Asian Infrastructure Investment Bank' was established in which year?

A. 2015

B. 2016

C. 2013

D. 2017

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Correct Answer: Option A

Explanation:
AIIB was established in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a function of NABARD?

A. Supervising cooperative banks and RRBs

B. Issuing currency notes

C. Promoting rural development

D. Refinancing rural credit institutions

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Correct Answer: Option B

Explanation:
Issuing currency is the function of RBI. NABARD provides refinancing, promotes rural development and supervises cooperative banks and Regional Rural Banks.

This question belongs to: Economy GK Economy Set 1

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