The 'Uruguay Round' of GATT negotiations concluded in: MCQ with Answer and Explanation

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The 'Uruguay Round' of GATT negotiations concluded in:

A. 1986

B. 1994

C. 1990

D. 2000

Answer: Option B

Solution (By JKSSB Mock Tests)

The Uruguay Round concluded in 1994 and led to the creation of the WTO.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of a planned economy?

A. Price determination solely by market forces

B. Decentralised decision making

C. Centralised planning of resource allocation

D. Private ownership of all resources

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Correct Answer: Option C

Explanation:
In a planned (command) economy, the central authority plans and allocates resources according to predetermined objectives rather than market signals.

This question belongs to: Economy GK Economy Set 1

Question #2

NABARD was established in 1982 based on the recommendations of:

A. Sivaraman Committee

B. Kelkar Committee

C. Narasimham Committee

D. Rangarajan Committee

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Correct Answer: Option A

Explanation:
NABARD was established on the recommendation of the Sivaraman Committee.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST' is a comprehensive indirect tax that replaced how many central and state taxes?

A. about 17 central and state taxes and multiple cesses

B. about 50

C. about 100

D. about 10

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Correct Answer: Option A

Explanation:
GST subsumed around 17 central and state indirect taxes and cesses.

This question belongs to: Economy GK Economy Set 1

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