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External Sector and International Organizations 02
Question
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Q1. ’World Investment Report’ is published by which of the following?
A.
WEF
B.
WTO
C.
GATT
D.
UNCTAD
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
United Nations Conference on Trade and Development (UNCTAD) publishes this annual report on global FDI.
Q2. ’Doha Round of WTO’ is related with which sector?
A.
Agriculture
B.
Industry
C.
Service
D.
Investment
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
The Doha Development Agenda has been primarily focused on reducing trade barriers in agriculture.
Q3. Special Drawing Rights (SDRs) relate to
A.
World Bank
B.
RBI
C.
WTO
D.
International Monetary Fund
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
D
SDRs are an international reserve asset created by the IMF in 1969.
Q4. The largest trading partner of India in 2023-24 (approx) was?
A.
China
B.
USA
C.
UAE
D.
Saudi Arabia
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
The United States has emerged as India's largest trading partner in recent years.
Q5. What is the full form of ‘FERA’?
A.
Foreign Export Regulation Act
B.
Foreign Exchange Regulation Act
C.
Foreign External Reserve Act
D.
None of the above
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
FERA (1973) was later replaced by FEMA (Foreign Exchange Management Act) in 1999.
Q6. The ‘Special Economic Zones’ (SEZ) Act was passed in:
A.
2000
B.
2005
C.
2010
D.
2015
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
B
The SEZ Act was passed in 2005 to instill confidence in investors and promote exports.
Q7. Which of the following is the most appropriate cause of exports surplus?
A.
Exports promotion value
B.
Stringent import policy
C.
Developments in national and international markets
D.
None of the above
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
Export surplus is generally driven by a country's competitive advantage in global markets and favorable trade environments.
Q8. What is the full form of FEMA?
A.
First Exchange Management Act
B.
Foreign Exchequer Management Act
C.
Foreign Exchange Management Act
D.
Foreign Evaluation Management Act
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
C
FEMA (1999) replaced the more stringent FERA to facilitate external trade and payments.
Q9. Invisible export means export of
A.
services
B.
prohibited goods
C.
restricted goods
D.
OGL goods
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Visible exports are physical goods; invisible exports refer to services like banking, shipping, and tourism.
Q10. Dunkel Draft was-
A.
Associated with Uruguay round
B.
Related to atomic treaty
C.
Related to Super 301
D.
Related to drugs trade
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Arthur Dunkel's draft served as the basis for the conclusion of the Uruguay Round of GATT, leading to the WTO.
Q11. When was the first EPZ set up in Kandla?
A.
1965
B.
1970
C.
1975
D.
1995
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
The Kandla Free Trade Zone was the first Export Processing Zone in Asia, established in 1965.
Q12. Which region is India’s largest trade partner? (2010s context)
A.
Gulf Region
B.
EU Region
C.
North America
D.
Latin America
ANSWER & SOLUTION
MARK FOR REVIEW
Correct Answer:
A
Due to oil imports and massive exports, the GCC/Gulf region has often been India's largest trading bloc.
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