The 'Smithsonian Agreement' of 1971 attempted to: MCQ with Answer and Explanation

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The 'Smithsonian Agreement' of 1971 attempted to:

A. create the euro

B. abolish the IMF

C. ban currency trading

D. realign fixed exchange rates after the collapse of the dollar-gold link

Answer: Option D

Solution (By JKSSB Mock Tests)

The Smithsonian Agreement attempted to establish new fixed exchange rate parities after the dollar-gold link ended.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'GST Council' decisions are taken by:

A. majority vote of all members

B. unanimous consent only

C. simple majority with states having two-thirds weight

D. three-fourths majority with Centre having one-third weight

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Correct Answer: Option D

Explanation:
GST Council decisions require a three-fourths majority, with the Centre's vote having one-third weight and states two-thirds.

This question belongs to: Economy GK Economy Set 1

Question #2

The Reserve Bank of India acts as lender of last resort by:

A. lending only to the central government

B. giving loans to the public at low interest

C. providing funds to banks when they cannot obtain funds from other sources

D. issuing currency against gold

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Correct Answer: Option C

Explanation:
The RBI as lender of last resort provides funds to banks facing liquidity crises when other sources are unavailable.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Securities and Exchange Board of India' is a:

A. statutory body

B. government department

C. constitutional body

D. private company

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Correct Answer: Option A

Explanation:
SEBI is a statutory body established under the SEBI Act, 1992.

This question belongs to: Economy GK Economy Set 1

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