Question 1 : How is the Union Nations Monetary and Financial Conference wherein the agreements were signed to set up IBRD, GATT and IMF, commonly known?
a) Bandung Conference
b) Bretton Woods Conference
c) Versailles Conference
d) Yalta Conference
Answer : b
Question 2 : The WTO was founded in 1995 as the successor organisation to the
a) UNCATD
b) IBRD
c) World Bank
d) GATT
Answer : d
Question 3 : World Trade Organisation (WTO) officially commenced on…..
a) 1st January, 1995
b) 1st March, 1995
c) 1st October, 1995
d) 1st November, 1995
Answer : a
Question 4 : Which of the following are the Principles of WTO?
a) MFN
b) National Treatment
c) Free Trade
d) All of the above
Answer : d
Question 5 : Which of the following is not-part of the WTO Agreement on Agriculture (AoA)?
a) Input subsidies
b) Export subsidies
c) Domestic support
d) Market access
Answer : a
Question 6 : Which of the following is not a subsidy box as per AoA?
a) Green box
b) Blue box
c) Amber box
d) Yellow box
Answer : d
Question 7 : Which of the following body is not related to the WTO?
a) Dispute Settlement Body
b) Trade Policy Review Body
c) Council of Trade in Goods
d) Exchange Rate Management Body
Answer : d
Question 8 : In the terminology of WTO, which among the following is not an amber box subsidy?
a) Minimum support price of cereals
b) Subsidy on seeds
c) Subsidy on irrigation rates
d) Cost of government pest control and management
Answer : d
Question 9 : Which one of the following is not included under WTO regulations?
a) Removal of industrial licences
b) Removal of import tariffs
c) Removal of foreign portfolio investments
d) Removal of price controls
Answer : c
Question 10 : SDR are allocated to member nations in proportion of their
a) population
b) national income
c) poverty
d) shareholding on IMF
Answer : d
Question 11 : Which of the following are covered under TRIPS agreement?
a) Patents, designs, trademarks, copyrights
b) Geographical appellations of origin
c) Trade secrets and layout of integrated chips
d) All of the above
Answer : d
Question 12 : Which of the following is not correct with regard with TRIPS agreement?
a) Protection and enforcement of all IPR shall fulfill the goals of contribution to innovation, promotion of technological development and transfer of technology
b) It is the universal intellectual property law
c) Every member of WTO should include TRIPS provisions in their domestic intellectual property legislations
d) RIPS requires WTO members to grant copyright rights to content creators
Answer : b
Question 13 : Which of the following agreement of GATT is related to intellectual property?
a) TRIMS
b) TRIPS
c) MFA
d) Both (a) and (b)
Answer : b
Question 14 : …………… apply to investment measures related to trade in goods only and not services
a) TRIPS
b) TRIMS
c) ATC
d) MFA
Answer : b
Question 15 : Which of the following is true with regard to TRIMS?
a) TRIMS ensure that the domestic countries do not discriminate between the foreign investors and the national investors
b) It ensures that they do not force the investors to invest in the sectors that will fulfill the self-centered interest of the domestic economy
c) Both (a) and (b)
d) Neither (a) or (b)
Answer : c
Question 16 : In the context of the affairs of which of the following is the phrase ‘Special Safeguard Mechanism’ mentioned in the news frequently?
a) United Nations Environment Programme
b) World Trade Organisation
c) ASEAN-Indian Free Trade Agreement
d) G20 Summits
Answer : b
Question 17 : As regards the use of international food safety standards as reference point for the dispute settlements, which one of the following does WTO collaborate with?
a) Codex Alimentarius Commission
b) International Federation of Standards Users
c) International Organisation for Standardisation
d) World Standards Cooperation
Answer : a
Question 18 : Regarding Most Favoured Nation (MFN) Clause, which of the following statements is correct?
a) It guaranteed special privilege to the contracting parties
b) It guaranteed only equal treatment
c) The unconditional MFN Clause seems to the more equitable than the conditional one
d) The conditional MFN clause confers significant rights on the contracting party
Answer : b
Question 19 : What are the two main functions of the WTO?
a) The promotion of free trade and economic liberalism
b) The administration of the WTO agreements and the resolution of international trade disputes
c) The promotion of world peace, economic stability and financial cooperation
d) The administration of the WTO’s institutional framework and the promotion of economic cooperation amongst its members
Answer : d
Question 20 : Which of the following statements is not true about the WTO?
a) WTO was officially constituted on 1st January, 1991
b) WTO is a permanent organisation
c) Uruguay round gave the birth to the WTO
d) Ministerial conference is the highest policy making body of the WTO
Answer : a
Question 21 : Which of the following is not an objective of the WTO?
a) To improve the standard of living of peoples of the member countries
b) To enlarge production and trade of goods
c) To protect environment
d) To improve the Balance of payment situation of the member countries
Answer : d
Question 22 : Consider the following statements
I. India’s Trade Policy Review (TPR) is carried out every four years
II. WTO has a mechanism for regular review of the trade policies of member countries
Which of the following statements given above is/are correct?
a) Only I
b) Only II
c) Both I and II
d) Neither I nor II
Answer : c
Question 23 : Arrange the following Acts enacted by Indian government as per TRIPS agreement
I. Patent Act, 1999, 2002 and 2005
II. Protection of Traditional Knowledge under Patent Amendment Act, 2002
III. The Design Act, 1999
IV. A new Trademarks Act, 1989 has been enacted
V. The Trade and Merchandise Marks Act, 1958
a) I, III, II, IV and V
b) V, IV, III, I and II
c) II, I, IV, III and V
d) III, II, V, I and IV
Answer : b
Question 24 : Consider the following statements
I. India has ratified the Trade Facilitation Agreement (TFA) of WTO
II. TFA is a part of WTO’s Bali Ministerial Package of 2013
III. TFA came into force in January 2016
Which of the following statements given above is/are correct?
a) I and II only
b) I and III only
c) II and III only
d) I, II and III
Answer : a
Question 25 : Not Available
a)
b)
c)
d)
Answer :
Question 26 : Not Available
a)
b)
c)
d)
Answer :
Question 27 : Not Available
a)
b)
c)
d)
Answer :
Question 28 : When was IMF established?
a) 27th December, 1945
b) 30th January, 1947
c) 1st January, 1946
d) 24th September, 1947
Answer : a
Question 29 : Which institution provides finance to meet short-term balance of payment problems?
a) IMF
b) IBRD
c) GATT
d) WTO
Answer : a
Question 30 : If the Balance of payment of a country is adverse, then which institution will help that country?
a) World Bank
b) World Trade Organisation
c) International Monetary Fund
d) Asian Development Bank
Answer : c
Question 31 : The value of Special Drawing Right (SDR) is determined by the basket of ………. currencies
a) 4
b) 5
c) 6
d) 7
Answer : b
Question 32 : Which of the following currency has largest weightage in the determination of the value of the SDR?
a) Japanese Yen
b) Euro
c) US Dollar
d) British Pound
Answer : c
Question 33 : How many members did the International Monetary Fund (IMF) have as January 2020?
a) 164
b) 182
c) 174
d) 189
Answer : d
Question 34 : Which of the following is known as the Paper Gold?
a) US Dollar
b) Pound
c) Demand Draft
d) Special Drawing Right
Answer : d
Question 35 : ‘Gold Tranche’ (Reserve Tranche) refers to
a) a loan system of the World Bank
b) one of the operations of a Central Bank
c) a credit system granted by WTO to its members
d) a credit system granted by IMF to its members
Answer : d
Question 36 : Which of the following is not a function of IMF?
a) It provides governments and the Central banks technical support and training in the areas of capability
b) It lends funds to those countries that are facing BoP problems
c) It monitors trade related activities and works on enhancing trade between nations
d) It monitors the financial development and economic policies in the member nations
Answer : c
Question 37 : Which of the following statements is correct with regard to ‘International Monetary Fund’?
a) It can grant loans to country
b) It can grant loans to only developed countries
c) It grants loans to member countries only
d) It grants loans to the Central Bank of a country
Answer : c
Question 38 : The provision under the membership clause of the IMF is that any country can become a member if
a) the country is willing to be a member of the World Bank and willing to pay
b) the country is willing to be a member of the WTO and willing to pay all subscriptions in gold
c) the country is willing to be a member of the World Bank and willing to pay subscription
d) the country is willing to be a member of UNO and willing to pay subscription
Answer : c
Question 39 : Assertion (A) : IMF introduced adjustable peg system
Reason (R) : IMF tried to control uncontrolled fluctuations of foreign exchange
a) Both A and R are true and R is the correct explanation of A
b) Both A and R are true, but R is not the correct explanation of A
c) A is true, but R is false
d) A is false, but R is true
Answer : a
Question 40 : Which of the following are called Bretton Woods Twins?
a) IMF and International Bank for Reconstruction and Development (IBRD)
b) IMF and World Trade Organisation
c) IBRD and World Trade Organisation
d) None of the above
Answer : a
Question 41 : Long-term financial assistance for development purpose is provided by
a) IMF
b) World Bank
c) ADB
d) WTO
Answer : b
Question 42 : International Bank of Reconstruction and Development is also called as
a) Asian Development Bank
b) World Bank
c) African Bank
d) None of the above
Answer : b
Question 43 : Which of the following institutions is not a part of the World Bank community?
a) IBRD
b) WTO
c) IDA
d) IFC
Answer : b
Question 44 : World Bank’s headquarters is located at
a) Manila
b) Washington DC
c) New York
d) Geneva
Answer : b
Question 45 : The International Development Association, a lending agency, is administered by the
a) International Bank for Reconstruction and Development
b) International Fund for Agricultural Development
c) United Nations Development Programme
d) United Nations Industrialised Development Organisation
Answer : a
Question 46 : Which one of the following is not a sub-index of the World Bank’s ‘Ease of Doing Business Index’?
a) Maintenance of law and order
b) Paying taxes
c) Registering property
d) Dealing with construction permits
Answer : a
Question 47 : International Finance Corporation was established in which year?
a) 1952
b) 1954
c) 1956
d) 1958
Answer : c
Question 48 : What is the main function of the Multilateral Guarantee Agency (MIGA)?
a) Offering political risk insurance and credit enhance guarantee
b) Providing loans, grants and credits
c) Providing low or no interest loans to poor countries
d) Functions as a dispute settlement institution
Answer : a
Question 49 : In which year, International Centre for the Settlement of Investment Disputes (ICSID) had been established?
a) 1962
b) 1964
c) 1965
d) 1966
Answer : d
Question 50 : Which of the following is not a condition that should be followed by the World Bank, while granting loan to member nations?
a) The bank should assess the credibility of the borrower, this can be done by evaluating and assessing the natural resources and existing productive plant capacity to use the resources and operate the plan
b) The bank compels the members to use the funds only for a specific market
c) World Bank must lend for specific projects only that are technically and economically sound and have ability to generate his returns
d) The bank must maintain continuing relationships with the borrowers to check the progress of the project
Answer : c
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