The 'trade facilitation agreement' of the WTO aims to: MCQ with Answer and Explanation

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The 'trade facilitation agreement' of the WTO aims to:

A. simplify and harmonize customs procedures

B. restrict foreign investment

C. ban exports

D. increase tariffs

Answer: Option A

Solution (By JKSSB Mock Tests)

The Trade Facilitation Agreement aims to simplify customs procedures and ease trade.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Carbon Credit' refers to a permit allowing the holder to emit:

A. unlimited carbon

B. one tonne of carbon dioxide or equivalent

C. one kg of carbon

D. one million tonnes of carbon

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Correct Answer: Option B

Explanation:
A carbon credit typically allows one tonne of carbon dioxide equivalent emissions.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a method of measuring national income?

A. Expenditure method

B. Product method

C. Balance of payments method

D. Income method

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Correct Answer: Option C

Explanation:
National income is measured by product (value added), income and expenditure methods. Balance of payments is used for recording international transactions, not for measuring national income.

This question belongs to: Economy GK Economy Set 1

Question #3

The Finance Commission is constituted under which Article of the Constitution?

A. 360

B. 324

C. 280

D. 356

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Correct Answer: Option C

Explanation:
The Finance Commission is constituted under Article 280 of the Constitution.

This question belongs to: Economy GK Economy Set 1

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