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GS Economy Quiz for IAS Prelims – International Organisations and India

Sep 19, 2016 16:15 IST

    From UPSC IAS Examination point of view, the Questions based on Indian Economy are very important. The UPSC IAS aspirants must be aware of the every perspective of Indian Economy either it is static or dynamic.

    1. Which of the following statements are correct?
    1.    The headquarter of the World Intellectual Property Organization (WIPO) is at Rome
    2.    It is an agency of United Nations
    3.    The trade Related Aspects of Intellectual Property (TRIPS) are binding on all WTO members.

    Codes:
    a.    1 and 2 only
    b.    2 and 3 only
    c.    1 and 3 only
    d.    All of these

    Answer: d

    Explanation:


    World International intellectual Property Organisation headquartered in Geneva, is the global forum for intellectual property services, policy, information and cooperation which of established in 1967. WIPO is a self-funding agency of the United Nations, with 189 member states.

    WIPO's mission is to lead the development of a balanced and effective international intellectual property (IP) system that enables innovation and creativity for the benefit of all. Its mandate, governing bodies and procedures are set out in the WIPO Convention.

    2. India is a regular member of which of the following organizations?
    1.    BIMSTEC
    2.    Shanghai Cooperation Organization
    3.    ASEAN
    4.    G-20

    Codes:
    a.    1 and 2 only
    b.    2 and 3 only
    c.    1 and 4 only
    d.    All of these

    Answer: c

    Explanation:


    The Shanghai Cooperation Organisation (SCO) was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. It is a Eurasian political, economic and military organisation.

    The Shanghai Cooperation Organisation (SCO) is an international alliance that consists of 6 member states and 5 observers from Eurasia. It was established on 26 April 1996 as Shanghai Five. Of the 6 member states and 5 observers, SCO currently also have 3 dialogue partners and 3 guest attendance entries.

    The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.

    Brunei Darussalam then joined on 7 January 1984, Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN.

    GS Economy Quiz for IAS Prelims – Concepts of Macroeconomics

    3. Which country became the newest member to join the Eurozone?
    a.    Latvia
    b.    Lithuania
    c.    Azerbaijan
    d.    Ukraine

    Answer: b

    Explanation:


    Euro is the most concrete proof of European integration – the common currency in 19 out of 28 EU countries and used by some 338.6 million people every day. The benefits of the common currency are immediately obvious to anyone travelling abroad or shopping online on websites based in another EU country.

    The country Croatia borders Bosnia and Herzegovina, Hungary, Montenegro, Serbia and Slovenia and has been an independent country since 1991. The country has a long and dramatic coastline with the Adriatic Sea, in which the country has over 1 000 islands and islets, of which just 48 are permanently inhabited.

    The wholesale and retail trade, transport, accommodation and food services (21.2 %), industry (21.1 %) are the most important section of Croatia and public administration, defence, education, human health and social work activities (15.4 %).

    4. WTO divides supports given to agricultural sector into three groups, which of the following pair(s) is/are not correctly matched?
    (1) Public Distribution System:      Green Box Subsidy
    (2) Production limiting Subsidy:     Amber Box Subsidy
    (3) Minimum Support Price:           Blue Box Subsidy

    Codes:
    a.    1 and 2 only
    b.    2 and 3 only
    c.    1 and 3 only
    d.    3 only

    Answer: b

    Explanation:


    World Trade Organisation has set terminologies for subsidies in genral are identified by “Boxes” which are given the colours of traffic lights: green (permitted), amber (slow down — i.e. be reduced), red (forbidden). In agriculture, things are, as usual, more complicated.

    The Agriculture Agreement has no Red Box, although domestic support exceeding the reduction commitment levels in the Amber Box is prohibited; and there is a Blue Box for subsidies that are tied to programmes that limit production. There are also exemptions for developing countries (sometimes called an “S&D Box”).

    5. Which of the following pairs are correctly matched?

             Institution                                          Headquarter

    (1) International Monetary Fund                       Washington, DC
    (2) World Trade Organization                           Chicago
    (3) Asian Development Bank                            Tokyo

    Codes:
    a.    1 only
    b.    3 only
    c.    2 and 3 only
    d.    All of these

    Answer: a

    Explanation:


    The World Trade Organization is an organization for trade opening and it regarded as a forum for governments to negotiate trade agreements. It is a place for them to settle trade disputes. It operates a system of trade rules. Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other.
    The Asian Development Bank was established in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.

    A resolution passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963 set that vision on the way to becoming reality.

    The Philippines capital of Manila was chosen to host the new institution, which opened on 19 December 1966, with 31 members that came together to serve a predominantly agricultural region. Takeshi Watanabe was ADB's first President.

    6. Intellectual Property Rights (IPR) are managed and regulated by
    a.    IMF
    b.    WTO
    c.    European Union
    d.    UNCTAD

    Answer: b

    Explanation:

    IPR are covered by TRIPS agreement of WTO. The TRIPS Agreement, which came into effect on 1 January 1995, is to date the most comprehensive multilateral agreement on intellectual property.

    7. Which of the following statements are correct?
     (1) India is a founding member of IMF.
    (2) All the quotas and transactions of IMF are expressed in Special Drawing Rights (SDR).
    (3) All member countries have equal voting rights in IMF.

    Codes:
    a.    1 and 2 only
    b.    1 only
    c.    2 and 3 only
    d.    All of these

    Answer: a

    Explanation:

    The member countries of IMF do not have equal value for the vote. The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

    Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.

    8. Which of the following are called as “Bretton Woods’ twin sisters”?
    (a) IMF and IBRD
    (b) IMF and WTO
    (c) WTO and IBRD
    (d) WTO and UNCTAD

    Answer: a

    Explanation:


    As the powerful nations of the world were hopeful of a new and more stable world order with the emergence of the UNO, on the contrary, they were also anxious for a more homogenous world financial order, after the Second World War. The representatives of the USA, the UK and 42 other (total 44 countries) nations met at Bretton Woods, New Hampshire, USA in July 1944 to decide a new international monetary system (IMS).

    The International Monetary Fund (IMF) and the World Bank (with its first group-institution IBRD) were set up together—popularly called as the Bretton Woods’ twins —both having their headquarters in Washington, DC, USA.

    9. According to which of the following organisations, the globalisation is “a shift from a world of distinct national economies to a global economy in which production is internationalised and financial capital flows freely and instantly between countries” ?
    a.    WTO
    b.    OECD
    c.    IMF
    d.    European Union

    Answer: b

    Explanation:


    After one of the summit of the OECD in 1980s, proposals for replacing the GATT by the WTO were pushed by the developed economies of the world, better known as the starting of the Uruguay Round of GATT deliberations which ends in the Marrakesh (1994) with the birth of WTO’.

    In the meantime, the OECD had defined (1995) globalisation officially, too—“a shift from a world of distinct national economies to a global economy in which production is internationalised and financial capital flows freely and instantly between countries.”

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