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. extend the same trade advantages to all WTO members

B. give special preferences to neighbours

C. impose zero tariffs on all goods

D. ban imports

Answer: Option A

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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Practice More Economy Set 1 Questions

Question #1

Gross National Product at market prices equals GDP at market prices:

A. plus depreciation

B. minus depreciation

C. plus net factor income from abroad

D. minus net factor income from abroad

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Correct Answer: Option C

Explanation:
GNP = GDP + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'per capita income' is calculated by dividing national income by:

A. total population

B. working population

C. number of households

D. labour force

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Correct Answer: Option A

Explanation:
Per capita income is national income divided by total population.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Banking Ombudsman' is appointed for a tenure of:

A. 3 years

B. 1 year

C. 6 years

D. 5 years

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Correct Answer: Option A

Explanation:
Banking Ombudsmen are appointed for a three-year term.

This question belongs to: Economy GK Economy Set 1

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