The 'Trade-Related Aspects of Intellectual Property Rights' agreement came into force in which year? MCQ with Answer and Explanation

Question
The 'Trade-Related Aspects of Intellectual Property Rights' agreement came into force in which year?
A. 1994
B. 2000
C. 1998
D. 1995
Answer: Option D
Solution (By JKSSB Mock Tests)
TRIPS came into force in 1995.
This question belongs to: Economy GK Economy Set 1
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Question #1
In the context of public economics, 'Pigouvian Taxes' are designed to:
A. Raise revenue without affecting behaviour
B. Subsidise positive externalities only
C. Internalise negative externalities by setting the tax equal to marginal external cost
D. Only redistribute income
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Correct Answer: Option C

Explanation:
A Pigouvian tax is levied on an activity that generates a negative externality and is set equal to the marginal external damage at the socially optimal quantity, thereby aligning private and social costs.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Contingency Fund of India' is established under which article?
A. Article 267
B. Article 312
C. Article 263
D. Article 280
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Correct Answer: Option A

Explanation:
The Contingency Fund of India is established under Article 267.
This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Break-even Point' in economics refers to:
A. The level of output where total revenue equals total cost
B. The level of output where marginal cost is minimum
C. The level of output where profit is maximum
D. The level of output where average cost is maximum
Discuss
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Correct Answer: Option A

Explanation:
The break-even point is the level of output at which total revenue equals total cost, so that economic profit is zero.
This question belongs to: Economy GK Economy Set 1
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