IASbaba's Daily Static Quiz
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UPSC Static Quiz - 2020: IASbaba's Daily Static Quiz - ECONOMICS [Day 65]
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Question 1 of 10
1. Question
Consider the following statements:
- Charging customs duty on an import is violation of ‘principle of national treatment’ of World trade Organization (WTO).
- The ‘principle of national treatment’ shall apply to foreign and domestic goods but not to foreign and domestic services.
Which of the statements given above is/are NOT CORRECT?
Correct
Solution (c)
Charging customs duty on an import is not a violation of national treatment even if locally-produced products are not charged an equivalent tax.
Hence Statement 1 is incorrect.
The ‘principle of national treatment’ shall apply to foreign and domestic goods, foreign and domestic services, and to foreign and local trademarks, copyrights and patents.
Hence Statement 2 is incorrect.
Incorrect
Solution (c)
Charging customs duty on an import is not a violation of national treatment even if locally-produced products are not charged an equivalent tax.
Hence Statement 1 is incorrect.
The ‘principle of national treatment’ shall apply to foreign and domestic goods, foreign and domestic services, and to foreign and local trademarks, copyrights and patents.
Hence Statement 2 is incorrect.
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Question 2 of 10
2. Question
Consider the following statements regarding Most-favoured-nation (MFN):
- Under the WTO agreements, countries cannot normally discriminate between their trading partners.
- Countries can set up a free trade agreement that applies only to goods traded within the group, discriminating against goods from outside.
Which of the statements given above is/are correct?
Correct
Solution (c)
Under the WTO agreements, countries cannot normally discriminate between their trading partners.
Hence Statement 1 is correct.
Countries can set up a free trade agreement that applies only to goods traded within the group, discriminating against goods from outside.
Hence Statement 2 is correct.
Incorrect
Solution (c)
Under the WTO agreements, countries cannot normally discriminate between their trading partners.
Hence Statement 1 is correct.
Countries can set up a free trade agreement that applies only to goods traded within the group, discriminating against goods from outside.
Hence Statement 2 is correct.
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Question 3 of 10
3. Question
Consider the following statements:
- India is a member of G-55, a coalition group of developing Members, and has been making all efforts to negotiate and achieve a positive outcome on the issue of public stockholding for food security purposes.
- The Nairobi Ministerial Conference of the WTO held in December 2015 reaffirmed that providing perpetual protection to public stockholding programmes of a developing Member for food security purposes from being challenged under the WTO Agreement on Agriculture until a permanent solution is agreed and adopted.
Which of the statements given above is/are correct?
Correct
Solution (b)
India is a member of G-33, a coalition group of developing Members, and has been making all efforts to negotiate and achieve a positive outcome on the issue of public stockholding for food security purposes.
Hence Statement 1 is incorrect.
The Nairobi Ministerial Conference of the WTO held in December 2015 reaffirmed, with consensus, the Interim Peace Clause decided during the Bali Ministerial Conference in 2013 and the General Council Decision of 2014 providing perpetual protection to public stockholding programmes of a developing Member for food security purposes from being challenged in relation to certain obligations under the WTO Agreement on Agriculture until a permanent solution is agreed and adopted.
Hence Statement 2 is correct.
Incorrect
Solution (b)
India is a member of G-33, a coalition group of developing Members, and has been making all efforts to negotiate and achieve a positive outcome on the issue of public stockholding for food security purposes.
Hence Statement 1 is incorrect.
The Nairobi Ministerial Conference of the WTO held in December 2015 reaffirmed, with consensus, the Interim Peace Clause decided during the Bali Ministerial Conference in 2013 and the General Council Decision of 2014 providing perpetual protection to public stockholding programmes of a developing Member for food security purposes from being challenged in relation to certain obligations under the WTO Agreement on Agriculture until a permanent solution is agreed and adopted.
Hence Statement 2 is correct.
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Question 4 of 10
4. Question
Consider the following statements regarding World Trade Organization (WTO):
- It is the only global international organization dealing with the rules of trade between nations.
- The WTO’s top decision-making body is the General Council.
Which of the statements given above is/are correct?
Correct
Solution (a)
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
.Hence Statement 1 is correct.
The WTO’s top decision-making body is the Ministerial Conference. Below this is the General Council.
Hence Statement 2 is incorrect.
Incorrect
Solution (a)
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
.Hence Statement 1 is correct.
The WTO’s top decision-making body is the Ministerial Conference. Below this is the General Council.
Hence Statement 2 is incorrect.
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Question 5 of 10
5. Question
Consider the following statements:
- International Finance Corporation (IFC) is a member of the World Bank Group.
- IFC is the largest global development institution focused on the public sector in developing countries.
Which of the statements given above is/are correct?
Correct
Solution (a)
International Finance Corporation (IFC) is a sister organization of the World Bank and member of the World Bank Group.
Hence Statement 1 is correct.
IFC is the largest global development institution focused on the private sector in developing countries.
Hence Statement 2 is incorrect.
Incorrect
Solution (a)
International Finance Corporation (IFC) is a sister organization of the World Bank and member of the World Bank Group.
Hence Statement 1 is correct.
IFC is the largest global development institution focused on the private sector in developing countries.
Hence Statement 2 is incorrect.
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Question 6 of 10
6. Question
Which of the following is also known as ‘Paper Gold’?
Correct
Solution (d)
- Special Drawing Rights is the International financing instrument created in 1970 by the International Monetary Fund (IMF) to coincide with the disfavor of the US dollar as the principal currency of the world trade.
- Also called paper gold, an SDR is neither paper nor gold but an accounting entry.
Incorrect
Solution (d)
- Special Drawing Rights is the International financing instrument created in 1970 by the International Monetary Fund (IMF) to coincide with the disfavor of the US dollar as the principal currency of the world trade.
- Also called paper gold, an SDR is neither paper nor gold but an accounting entry.
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Question 7 of 10
7. Question
Which of the following currencies are not part of SDR Basket of IMF?
Correct
Solution (b)
- The SDR is an international reserve asset, created by the IMF.
- The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.
- Indian Rupee is not included in SDR.
Incorrect
Solution (b)
- The SDR is an international reserve asset, created by the IMF.
- The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.
- Indian Rupee is not included in SDR.
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Question 8 of 10
8. Question
‘FDI Regulatory Restrictiveness Index’ is published by which of the following organizations?
Correct
Solution (d)
‘FDI Regulatory Restrictiveness Index’ is published The Organization for Economic Co-operation and Development (OECD)
The FDI Regulatory Restrictiveness Index (FDI Index) measures statutory restrictions on foreign direct investment.
Incorrect
Solution (d)
‘FDI Regulatory Restrictiveness Index’ is published The Organization for Economic Co-operation and Development (OECD)
The FDI Regulatory Restrictiveness Index (FDI Index) measures statutory restrictions on foreign direct investment.
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Question 9 of 10
9. Question
Consider the following statements related to New Development Bank (NDB)?
- The agreement on NDB was signed in the sixth BRICS Summit in Fortaleza (2014)
- The New Development Bank (NDB) is formerly referred to as the BRICS Development Bank.
- At present, China has highest voting rights among all the members.
Which of the above statement(s) is/are correct?
Correct
Solution (b)
During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB).
Hence Statement 1 is correct
The New Development Bank (NDB) is formerly referred to as the BRICS Development Bank.
Hence Statement 2 is correct
At present, all the major shareholders (BRICS nations) have equal share.
Hence Statement 3 is incorrect
Incorrect
Solution (b)
During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB).
Hence Statement 1 is correct
The New Development Bank (NDB) is formerly referred to as the BRICS Development Bank.
Hence Statement 2 is correct
At present, all the major shareholders (BRICS nations) have equal share.
Hence Statement 3 is incorrect
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Question 10 of 10
10. Question
Which among the following statements regarding Multilateral Investment Guarantee Agency (MIGA) is/are correct?
- It is an arm of the IMF.
- It encourages foreign investment in public sector only.
- It provides insurance to foreign private investors against the loss caused by political risks.
Select the correct answer using the codes given below:
Correct
Solution (c)
The Multilateral Investment Guarantee Agency (MIGA), an arm of World Bank.
Hence Statement 1 is incorrect
IFC lends to both private and public sector.
Hence Statement 2 is incorrect
It provides insurance (guarantees) to foreign private investors against loss-caused by non-commercial (i.e. political) risks, such as currency transfer, expropriation, war and civil disturbance.
Hence Statement 3 is correct
Incorrect
Solution (c)
The Multilateral Investment Guarantee Agency (MIGA), an arm of World Bank.
Hence Statement 1 is incorrect
IFC lends to both private and public sector.
Hence Statement 2 is incorrect
It provides insurance (guarantees) to foreign private investors against loss-caused by non-commercial (i.e. political) risks, such as currency transfer, expropriation, war and civil disturbance.
Hence Statement 3 is correct
