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. 1993

C. 1997

D. 2000

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

Which of the following is NOT a type of cost in the short run?

A. Variable cost

B. Total cost

C. Sunk cost as the only long-run cost

D. Fixed cost

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Correct Answer: Option C

Explanation:
In the short run, costs are classified as fixed, variable and total. Sunk costs are costs that have already been incurred and cannot be recovered, relevant in both short and long run decisions.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Foreign Trade Policy' in India is usually announced for a period of:

A. 15 years

B. 10 years

C. 1 year

D. 5 years

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Correct Answer: Option D

Explanation:
Foreign Trade Policy is normally announced for a five-year period.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Merchandise Exports from India Scheme' was replaced by which scheme?

A. RoDTEP

B. SEIS

C. EPCG

D. Advance Authorization

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Correct Answer: Option A

Explanation:
MEIS was replaced by the Remission of Duties and Taxes on Exported Products scheme.

This question belongs to: Economy GK Economy Set 1

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