The 'World Trade Organization' replaced GATT in which year? MCQ with Answer and Explanation

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The 'World Trade Organization' replaced GATT in which year?

A. 2000

B. 1993

C. 1995

D. 1997

Answer: Option C

Solution (By JKSSB Mock Tests)

WTO replaced GATT on 1 January 1995.

This question belongs to: Economy GK Economy Set 1

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Question #1

The Reserve Bank of India was nationalized in the year:

A. 1955

B. 1935

C. 1947

D. 1949

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Correct Answer: Option D

Explanation:
The RBI was nationalized in 1949.

This question belongs to: Economy GK Economy Set 1

Question #2

In the Cobb-Douglas production function Q = A L^α K^β, if α + β = 1, the production function exhibits:

A. decreasing returns to scale

B. increasing returns to scale

C. constant returns to scale

D. negative returns

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Correct Answer: Option C

Explanation:
If α + β = 1, the Cobb-Douglas production function exhibits constant returns to scale.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of inflation measurement, the GDP deflator is:

A. A measure of consumer price changes only

B. The ratio of nominal GDP to real GDP

C. A fixed-basket consumer price index

D. A measure of wholesale prices only

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Correct Answer: Option B

Explanation:
The GDP deflator is calculated as (Nominal GDP / Real GDP) × 100 and reflects price changes of all goods and services produced domestically.

This question belongs to: Economy GK Economy Set 1

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