TRIPS is an agreement of the WTO dealing with: MCQ with Answer and Explanation

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TRIPS is an agreement of the WTO dealing with:

A. agricultural subsidies

B. intellectual property rights

C. anti-dumping measures

D. trade in services

Answer: Option B

Solution (By JKSSB Mock Tests)

TRIPS deals with Trade-Related Aspects of Intellectual Property Rights.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a feature of the 'Debt-Deflation' theory associated with Irving Fisher?

A. Falling prices raise the real value of debt, leading to further declines in spending and prices

B. Deflation always reduces the real burden of debt

C. Debt is irrelevant for the business cycle

D. Only inflation causes debt problems

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Correct Answer: Option A

Explanation:
Fisher’s debt-deflation theory argues that an initial decline in prices increases the real burden of nominal debt, forcing distressed selling and further price declines in a downward spiral.

This question belongs to: Economy GK Economy Set 1

Question #2

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Gross National Product at market prices equals GDP at market prices:

A. minus net factor income from abroad

B. plus depreciation

C. plus net factor income from abroad

D. minus depreciation

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Correct Answer: Option C

Explanation:
GNP = GDP + net factor income from abroad.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'International Bank for Reconstruction and Development' and International Development Association together are called:

A. World Bank (narrowly)

B. United Nations

C. World Bank Group

D. IMF

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Correct Answer: Option A

Explanation:
IBRD and IDA together are often referred to as the World Bank.

This question belongs to: Economy GK Economy Set 1

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