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

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The World Trade Organization came into existence in which year?

A. 1995

B. 2001

C. 1947

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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Question #1

Which of the following is a feature of the capital account convertibility?

A. Only export-related convertibility

B. Freedom to convert local financial assets into foreign financial assets and vice versa

C. Complete ban on capital flows

D. Freedom to convert local currency into foreign currency for current account transactions only

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Correct Answer: Option B

Explanation:
Capital account convertibility allows residents and non-residents to convert local currency into foreign currency and transfer capital freely for investment and other capital transactions.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on insurance services is:

A. 12%

B. 28%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Insurance services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a maturity period for Treasury bills in India?

A. 91 days

B. 182 days

C. 364 days

D. 730 days

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Correct Answer: Option D

Explanation:
Treasury bills in India are issued for 91, 182 and 364 days.

This question belongs to: Economy GK Economy Set 1

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