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

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The 'Smithsonian Agreement' of 1971 attempted to:

A. abolish the IMF

B. ban currency trading

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

D. create the euro

Answer: Option C

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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Question #1

In the context of international economics, 'Dumping' refers to:

A. Selling goods abroad at a higher price

B. Importing goods without tariffs

C. Selling goods abroad at a price lower than in the domestic market

D. Exporting goods with subsidies only

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Correct Answer: Option C

Explanation:
Dumping is the practice of selling a product in a foreign market at a price lower than the domestic price or below the cost of production, often considered an unfair trade practice.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Attorney General of India' is appointed under which article?

A. Article 77

B. Article 78

C. Article 76

D. Article 88

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Correct Answer: Option C

Explanation:
The Attorney General is appointed under Article 76.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Eighth Five Year Plan' period was:

A. 1987-1992

B. 1990-1995

C. 1992-1997

D. 1997-2002

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Correct Answer: Option C

Explanation:
The Eighth Five Year Plan covered 1992-1997.

This question belongs to: Economy GK Economy Set 1

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