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Prelims-IAS – ECONOMICS MCQ-35

1..What is meant by Most Favoured Nation (MFN) status?

  1. Non discriminatory treatment by one country towards the other country with regard to trade in goods and services.
  2. Lowering the custom duties for that country as a special privilege.
  3. Granting a higher status to one country with respect to the other trading partners.

Select the correct answer using the code given below.

(a) 1 only
(B) 1 and 2 only
( c) 3 only
(d) 1, 2 and 3


2.. Consider the following statements with regard to the Bretton Woods Development:

  1. The IMF and WTO are known as the Bretton Woods twins.
  2. The bretton woods institutions have their headquarters in Washington, DC, USA.
  3. They were formed after the Second World War for creating a stable financial system across the globe.

Which of the above is/are correct?

(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All of the above


3.. Which of the following statement(s) is/are correct regarding IMF?

  1. Though IMF provides loans to help countries overcome economic difficulties and also concessional loans to help fight poverty in developing countries, it does not lend for specific projects.
  2. A member”s quota in IMF determines the contribution it has to make to fund”s resources, amount of financing it can access in need and also its voting power at the IMF.

Select the correct answer using the code given below.
(a) 1 only
(b) 2 only

(c) Both 1 and 2
(d) Neither 1 nor 2


4..Considering following statements with reference to Most Favoured Nation (MFN) principal of WTO agreements:

  1. According to this principal if any country grants one country a special favour the same would need to be extended to all other WTO members.
  2. It is only applicable in matters related to trade in goods.
  3. Bilateral free trade agreements are violation of MFN principal.
  4. India has accorded MFN status to Pakistan but Pakistan is yet to reciprocate.

Which of the statements given above is/are correct?

(a)  1 and 4 only

(b)  2 and 3 only
(c)  1, 2 and 4 only
(d)  1, 2, 3 and 4


5.. Starting with Doha Ministerial Conference, Non-agricultural Products Market Access (NAMA) negotiations have become bone of contention between developed and developing countries. Which of the following constitute NAMA products?

  1. Manufacturing products.
  2. Fuels and mining products.
  3. Fish and fish products.
  4. Forestry products.

Select the correct answer using codes given below.

(a) 1 only

(b) 1 and 2 only
(c ) 1, 2, and 3 only
(d) 1, 2, 3, and 4


 

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