Which of the following is NOT a function of the World Trade Organisation? MCQ with Answer and Explanation

Question
Which of the following is NOT a function of the World Trade Organisation?
A. Providing a forum for trade negotiations
B. Providing long-term development finance
C. Administering trade agreements
D. Settling trade disputes
Answer: Option B
Solution (By JKSSB Mock Tests)
Long-term development finance is the function of the World Bank. The WTO deals with trade rules, negotiations and dispute settlement.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'liquidity adjustment facility' was introduced in India based on the recommendations of:
A. Kelkar Committee
B. Urjit Patel Committee
C. Narasimham Committee
D. Rangarajan Committee
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Correct Answer: Option C

Explanation:
The Liquidity Adjustment Facility was introduced in 2000 based on Narasimham Committee recommendations.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Consumer Price Index' measures:
A. retail prices paid by consumers
B. prices of imports
C. wholesale prices
D. prices of exports
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Correct Answer: Option A

Explanation:
CPI measures changes in retail prices paid by consumers.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of the 'Foundational Economy' approach to local development?
A. Ignoring everyday services
B. Focusing only on high-tech export clusters
C. Only attracting mobile capital
D. Prioritising the improvement of essential everyday services that all citizens rely on, rather than focusing solely on competitive tradable sectors
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Correct Answer: Option D

Explanation:
The foundational-economy perspective argues that the quality and accessibility of essential local services—utilities, food, health, education, care—are central to well-being and should be a primary focus of regional and urban policy.
This question belongs to: Economy GK Economy Set 1
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