India has the maximum volume of foreign trade with
- (a)USA
- (b)Japan
- (c)Germany
- (d)UAE
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Official answer(a) USA
International Trade & WTO
39 questions in Indian Economy.
Asked in 2002, 2001, 2000, 1998, 1997, 1996, 1995
The earlier name of WTO was
- (a)UNCTAD
- (b)GATT
- (c)UNIDO
- (d)OECD
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Official answer(b) GATT
Consider the following statements: The Ministerial Meeting of the WTO held in December 1999 was unsuccessful because it attempted to link trade with 1. Labour related issues. 2. Environment related issues. 3. Terrorism related issues. 4. Debt related issues. Which of these statements are correct?
- (a)1, 3 and 4
- (b)1 and 2
- (c)2 and 3
- (d)2 and 4
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Official answer(b) 1 and 2
Which one of the following regions of the world supplies the maximum of our imported commodities (in terms of rupee value)?
- (a)Africa
- (b)America
- (c)Asia and Oceania
- (d)Europe
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Official answer(d) Europe
The economist who was associated with the WTO draft document is
- (a)A.K. Sen
- (b)T.N. Srinivasan
- (c)J.N. Bhagwati
- (d)Avinash Dixit
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Official answer(c) J.N. Bhagwati
One of the important agreements reached in the 1996 Ministerial Conference of WTO relates to
- (a)Commerce in Information Technology
- (b)Multilateral Agreement on Investment
- (c)Multi-fibre Agreement
- (d)Exchange of Technical Personnel
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Official answer(a) Commerce in Information Technology
Assertion (A): The emergence of economic globalism does not imply the decline of socialist ideology. Reason (R): The ideology of Socialism believes in universalism and globalism. In the context of the above two statements, which one of the following is correct?
- (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 a correct explanation of A
- (c)A is true, but R is false
- (d)A is false, but R is true
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Official answer(a) Both A and R are true and R is the correct explanation of A
Assertion (A): An important policy instrument of economic liberalization is reduction in import duties on capital goods. Reason (R): Reduction in import duties would help the local entrepreneurs to improve technology to face the global markets. In the context of the above two statements, which one of the following is correct?
- (a)Both A and R are true and R is the correct explanation of A
- (b)Both A and R are true and R is not a correct explanation of A
- (c)A is true but R is false
- (d)A is false but R is true
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Official answer(a) Both A and R are true and R is the correct explanation of A
The emerging trading blocs in the world, such as NAFTA, ASEAN and the like, are expected to
- (a)act as constrictions in free trade across the world
- (b)promote free trade on the lines laid down by the WTO
- (c)permit transfer of technology between member countries
- (d)promote trade in agricultural commodities between countries of the North and South
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Official answer(b) promote free trade on the lines laid down by the WTO
Which of the following were the aims behind the setting up of the World Trade Organization (WTO)? I. Promotion of free trade and resource flows across countries. II. Protection of intellectual property rights. III. Managing balanced trade between different countries. IV. Promotion of trade between the former East Bloc countries and the western world. Select the correct answer by using the codes given below:
- (a)I, II, III and IV
- (b)I and II
- (c)II and III
- (d)I and IV
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Official answer(b) I and II
Which one of the following sets of commodities are exported to India by arid and semi-arid countries in the Middle East?
- (a)Raw wool and carpets
- (b)Fruits and palm oil
- (c)Precious stones and pearls
- (d)Perfume and coffee
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Official answer(a) Raw wool and carpets
Consider the following items imported by India: I. Capital goods II. Petroleum III. Pearls and precious stones IV. Chemicals V. Iron and Steel The correct sequence of these items (as per 1994-95 figures) in decreasing order of value is —
- (a)I, II, III, IV, V
- (b)I, II, IV, III, V
- (c)II, I, III, IV, V
- (d)II, I, IV, V, III
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Official answer(d) II, I, IV, V, III
Which of the following benefits are likely to accrue to India from the World Trade Organisation? I. India’s share in the world trade is to go up from the present 600 million US dollars to 5 billion US dollars by 2000 A.D. II. It will help boost exports of agricultural commodities from India. III. India’s share in the world trade is likely to triple by the year 2000 A.D. Select the correct answer using the codes given below:
- (a)I, II and III
- (b)I and II
- (c)I and III
- (d)II and III
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Official answer(d) II and III
96. The new Exim Policy announced in 1992 is for a period of
- (a)3 years
- (b)4 years
- (c)7 years
- (d)5 years
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Official answer(d) 5 years