The term 'Most Favoured Nation' treatment under WTO implies: MCQ with Answer and Explanation

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The term 'Most Favoured Nation' treatment under WTO implies:

A. Complete free trade without any rules

B. Non-discriminatory treatment among all member countries

C. Preferential treatment to one country at the expense of others

D. Higher tariffs for all members

Answer: Option B

Solution (By JKSSB Mock Tests)

The MFN principle requires that any trade advantage granted to one WTO member must be extended to all other members, ensuring non-discrimination.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Eighth Five Year Plan' period was:

A. 1987-1992

B. 1992-1997

C. 1997-2002

D. 1990-1995

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Correct Answer: Option B

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

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major objective of the Goods and Services Tax in India?

A. To increase the number of indirect taxes

B. To create a unified national market and reduce cascading effect

C. To eliminate all central taxes

D. To increase cascading of taxes

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Correct Answer: Option B

Explanation:
GST aims to create a common national market, eliminate the cascading effect of taxes through input tax credit, and simplify the indirect tax structure.

This question belongs to: Economy GK Economy Set 1

Question #3

In the IS-LM framework, an increase in government expenditure shifts the:

A. LM curve to the left

B. IS curve to the left

C. IS curve to the right

D. LM curve to the right

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Correct Answer: Option C

Explanation:
An increase in government spending raises aggregate demand, shifting the IS curve to the right, leading to higher income and interest rates in the short run.

This question belongs to: Economy GK Economy Set 1

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