The World Trade Organization came into existence in which year? MCQ with Answer and Explanation

Question
The World Trade Organization came into existence in which year?
A. 1995
B. 1947
C. 2001
D. 1944
Answer: Option A
Solution (By JKSSB Mock Tests)
The WTO was established in 1995, replacing GATT.
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 NOT a type of foreign investment?
A. Domestic bank deposits by residents
B. External Commercial Borrowings
C. Foreign Direct Investment
D. Foreign Portfolio Investment
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Correct Answer: Option A

Explanation:
Domestic bank deposits by residents are not foreign investment. FDI, FPI and ECBs represent different forms of foreign capital inflows.
This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Base Year' in the context of national income statistics is important because:
A. It fixes the exchange rate
B. It determines the tax rates
C. It determines the fiscal deficit
D. It is used to calculate real GDP by providing constant prices
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Correct Answer: Option D

Explanation:
The base year provides the constant price structure used to calculate real (inflation-adjusted) GDP and other national income aggregates, enabling comparison over time.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Insolvency and Bankruptcy Board of India' regulates:
A. insolvency professionals and agencies
B. insurance companies
C. banks only
D. stock exchanges
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Correct Answer: Option A

Explanation:
IBBI regulates insolvency professionals, agencies and information utilities.
This question belongs to: Economy GK Economy Set 1
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