The 'Most Favoured Nation' tariff treatment under WTO requires countries to: MCQ with Answer and Explanation

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The 'Most Favoured Nation' tariff treatment under WTO requires countries to:

A. impose zero tariffs on all goods

B. extend the same trade advantages to all WTO members

C. give special preferences to neighbours

D. ban imports

Answer: Option B

Solution (By JKSSB Mock Tests)

MFN requires non-discriminatory treatment among all WTO members.

This question belongs to: Economy GK Economy Set 1

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The concept of 'Time Preference' is related to the theory of:

A. Profit

B. Rent

C. Interest

D. Wages

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Correct Answer: Option C

Explanation:
The time preference theory of interest (associated with Böhm-Bawerk and others) explains interest as arising from the preference for present goods over future goods.

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Question #2

A carbon tax is a tax on:

A. electricity consumption only

B. emissions of carbon dioxide or carbon content of fuels

C. renewable energy

D. all imports

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Correct Answer: Option B

Explanation:
A carbon tax is levied on carbon emissions or the carbon content of fossil fuels.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'IMF' publishes which report?

A. Global Competitiveness Report

B. World Development Report

C. Human Development Report

D. World Economic Outlook

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Correct Answer: Option D

Explanation:
IMF publishes World Economic Outlook.

This question belongs to: Economy GK Economy Set 1

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