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. 1995

B. 2000

C. 1997

D. 1993

Answer: Option A

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

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The concept of 'Purchasing Power Parity' is used primarily for:

A. Comparing the real value of currencies and living standards across countries

B. Measuring unemployment rates

C. Determining domestic interest rates only

D. Calculating fiscal deficit

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Correct Answer: Option A

Explanation:
PPP exchange rates equalise the purchasing power of different currencies by eliminating differences in price levels, allowing better comparison of real income and living standards.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. Decentralised decision making

B. Private ownership of all resources

C. Centralised planning of resource allocation

D. Price determination solely by market forces

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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