Globalisation and the Indian Economy Test

Result

Globalisation and the Indian Economy Test - 5

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is the most important principle on which WTO has been founded?

A
special concern for developing countries

B
Stability in the trading system

C
Non-discrimination

D
promotion of fair competition

Solution

Non-discrimination means that no discrimination will be done by a member state between different trading states who are also members of WTO. Further foreign goods, services, trade marks and copyrights should be given same treatment as is given to nationals of a country.
Question 2
1 / -0

Where is the headquarter of World Trade Organisation?

A
Hague

B
London

C
Geneva

D
Washington

Solution

Prior to the creation of WTO global trading system was under the responsibility of GATT which had its headquarter in Geneva. In 1995 GATT was replaced by WTO, however its headquarter was kept the same as that of GATT.
Question 3
1 / -0

Who is the current director-general of WTO?

A
Roberto Azevedo

B
Ban ki moon

C
C. Lagarde

D
Pascal lamy

Solution

Roberto Azevedo was appointed as director-general of WTO in the year 2013 for a period of four years, however he was reappointed for the second time in the year 2017 and is currently performing the duties of WTO.
Question 4
1 / -0

New Economic Policy was adopted by government of India in the year

A
1990

B
1991

C
1992

D
1993

Solution

Economic policy adopted by the government of India since july 1991 is termed as New Economic policy or Economic reforms.
Question 5
1 / -0

Removing unnecessary trade restrictions and making the economy more competitive is known as

A
Globalisation

B
Liberalisation

C
Privatisation

D
Socialisation

Solution

By definition liberalisation means to remove the trade restrictions and to free it from direct or physical controls imposed by the government.
Question 6
1 / -0

Most Favoured Nation (MFN) implies

A
no favour to some countries

B
most favour to some countries

C
most favour to all countries

D
no favour to any country

Solution

As per the most important principle of WTO i.e. the principle of non-discrimination, all trading partners will be granted the most favoured nation status, that is, each member state of WTO will treat every other member state equally as the most favoured nation doing trade.
Question 7
1 / -0

The main watch dog of international trade is

A
World Bank

B
WTO

C
IFC

D
IMF

Solution

WTO is known to be the watch dog of international trade because it examines the trade regimes of individual members on a regular basis.
Question 8
1 / -0

In which year Government of India started to remove barriers on foreign trade and foreign investment

A
1991

B
1992

C
1994

D
1995

Solution

Govt. of India adopted New Economic Policy in the year 1991. Its main aim was to remove restrictions on foreign trade and foreign investment. Thus it was the year 1991 when Government of India started to remove barriers on foreign trade and foreign investment.
Question 9
1 / -0

Globalisation has proved to be advantageous for the Indian economy on the account of

A
Greater competition among producers.

B
Lesser competition among producers.

C
It has created monopoly in the Indian markets.

D
No change in the competition among producers.

Solution

Globalisation has increased competition among producers both Indian and foreign, as a result of which Indian consumers are benefitted because they will now enjoy improved quality products.
Question 10
1 / -0

Globalisation has led to the higher standards of living of almost all consumers, particularly the

A
Poor section of rural areas

B
Well off consumers

C
poor section of urban areas

D
working class

Solution

well off consumers of urban areas are benefitted more because there is greater choice before these consumers and they enjoy improved quality and lower prices for several products.

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Question Analysis

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Re-Attempt Weekly Quiz Competition

Globalisation and the Indian Economy Test - 5

Result

Globalisation and the Indian Economy Test - 5

Score

-

Rank

-

SHARING IS CARING

Question 1

special concern for developing countries

Stability in the trading system

Non-discrimination

promotion of fair competition

Solution

Question 2

Hague

London

Geneva

Washington

Solution

Question 3

Roberto Azevedo

Ban ki moon

C. Lagarde

Pascal lamy

Solution

Question 4

1990

1991

1992

1993

Solution

Question 5

Globalisation

Liberalisation

Privatisation

Socialisation

Solution

Question 6

no favour to some countries

most favour to some countries

most favour to all countries

no favour to any country

Solution

Question 7

World Bank

WTO

IFC

IMF

Solution

Question 8

1991

1992

1994

1995

Solution

Question 9

Greater competition among producers.

Lesser competition among producers.

It has created monopoly in the Indian markets.

No change in the competition among producers.

Solution

Question 10

Poor section of rural areas

Well off consumers

poor section of urban areas

working class

Solution

User

Question Analysis

My Perfomance

Score

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