The 'SAARC Preferential Trading Arrangement' became operational in which year? MCQ with Answer and Explanation

Question
The 'SAARC Preferential Trading Arrangement' became operational in which year?
A. 2005
B. 1990
C. 2000
D. 1995
Answer: Option D
Solution (By JKSSB Mock Tests)
SAPTA became operational in 1995.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the 'New Trade Theory' associated with Paul Krugman?
A. Economies of scale and product differentiation can explain trade even between similar countries
B. Trade always reduces welfare
C. Trade is explained only by differences in factor endowments
D. Only comparative advantage based on technology differences matters
Discuss
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Correct Answer: Option A

Explanation:
New Trade Theory emphasises that increasing returns to scale and consumers’ preference for variety can generate trade and gains from trade even between countries with similar factor endowments.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'National Stock Exchange' was established in:
A. 2000
B. 1875
C. 1992
D. 1995
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Correct Answer: Option C

Explanation:
NSE was established in 1992.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the Quantity Theory of Money in its classical form?
A. Output is determined by aggregate demand
B. Velocity of money is variable and unstable
C. Interest rates determine money demand only
D. Money supply determines the price level assuming full employment and constant velocity
Discuss
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Correct Answer: Option D

Explanation:
In the classical Quantity Theory (MV = PT), with V and T assumed constant and full employment, changes in money supply (M) lead to proportional changes in the price level (P).
This question belongs to: Economy GK Economy Set 1
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