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. increase tariffs

C. restrict foreign investment

D. ban exports

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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Question #1

Which of the following is a feature of the 'Gravity Model' of international trade?

A. Trade is determined only by comparative advantage

B. Bilateral trade flows are positively related to the economic sizes of the countries and negatively related to the distance between them

C. Trade is independent of distance

D. Only tariffs determine trade volumes

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Correct Answer: Option B

Explanation:
The gravity model predicts that the volume of trade between two countries is proportional to the product of their GDPs and inversely related to the distance (and other trade costs) between them.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Pradhan Mantri Jan Dhan Yojana' accounts were opened primarily to:

A. promote stock trading

B. promote savings and financial inclusion

C. provide loans to large companies

D. collect taxes

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Correct Answer: Option B

Explanation:
PMJDY aims at financial inclusion through zero-balance savings accounts.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST Council' is chaired by the Union Finance Minister and includes which other representatives?

A. all state chief ministers

B. state finance ministers

C. SEBI chairman

D. RBI governor

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Correct Answer: Option B

Explanation:
The GST Council includes state finance ministers as members, chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

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