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. 1994

B. 1990

C. 2000

D. 1986

Answer: Option A

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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Question #1

The 'Goods and Services Tax' rate on readymade garments above Rs 1,000 is:

A. 18%

B. 12%

C. 5%

D. 28%

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Correct Answer: Option B

Explanation:
Readymade garments above Rs 1,000 attract 12% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In a Lorenz curve diagram, the diagonal line represents:

A. poverty line

B. perfect equality of income distribution

C. economic growth

D. complete income inequality

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Correct Answer: Option B

Explanation:
The diagonal line in the Lorenz curve diagram represents perfect income equality.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Dornbusch Overshooting' model?

A. Only real shocks matter

B. Prices are fully flexible and exchange rates never overshoot

C. Exchange rates always adjust gradually

D. Exchange rates may overshoot their long-run values in response to monetary shocks because of sticky prices

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Correct Answer: Option D

Explanation:
In Dornbusch’s overshooting model, sticky goods prices cause the exchange rate to jump more than proportionally to a monetary shock in the short run so that uncovered interest parity can hold.

This question belongs to: Economy GK Economy Set 1

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