MCQ on World Bank, WTO, BRICS

The World Bank, WTO, and BRICS are all important organizations that impact the world economy. How much do you know about them? Take this MCQ quiz to find out!

World Bank, WTO, BRICS Quiz Questions

Question 1: Who coined the term ‘BRIC’ in 2001?

(A) Jim O’ Neil

(B) Barack Obama

(C) John Kennedy

(D) Vladimir Putin

Question 2: The British scholar Jim O’ Neil who coined the term ‘BRICS’ is related to which of the following subjects?

(A) Psychology

(B) Sociology

(C) Political Science

(D) Economics

Question 3: In which year ‘BRIC’ grouping was formed as ‘BRICS’?

(A) 2010

(B) 2015

(C) 2009

(D) 2012

Question 4: The first ever summit meeting of ‘BRICS countries’ took place at ___________.

(A) Brazil

(B) India

(C) Russia

(D) China

Question 5: Which one of the following is not a member of ‘BRICS’?

(A) India

(B) China

(C) Saudi Arabia

(D) Brazil

Question 6: Which one of the following countries was introduced in ‘BRICS’ in the last?

(A) India

(B) China

(C) South Africa

(D) Brazil

Question 7: How many countries are members of World Bank?

(A) 189

(B) 181

(C) 164

(D) 193

Question 8: In which year was the World Bank formed? 

(A) 1945

(B) 1956

(C) 1960

(D) 1998

Question 9: Which of the following is also known as International Bank for Reconstruction and Development?

(A) Asian Development Bank

(B) World Bank

(C) International Monetary Fund

(D) Reserve Bank of India

Question 10:The new World Trade Organisation (WTO), which replaced the GATT came into effect from ___________.

(A) 1st January, 1991

(B) 1st January, 1995

(C) 1st April, 1994

(D) 1st May, 1995

Question 11: The earlier name of WTO was ___________.

(A) UNCTAD

(B) GATT

(C) UNIDO

(D) OECD

Question 12: The headquarters of World Trade Organisation is at __________.

(A) Doha

(B) Geneva

(C) Rome

(D) New York

Question 13:Which among below is not a correct statement?

(A) Bretton Woods Conference gave birth to two international organisations

(B) Theory of Absolute Advantage in international trade is given by Adam Smith

(C) Pure and perfect competition are the same market structures

(D) Mint parity theory of exchange rate determination is applicable in countries under gold standard

Question 14: The central issue in Doha Round of talks of World Trade Organisation was ___________.

(A) Issue related to agriculture

(B) Export from developing countries

(C) Trade in service

(D) Intellectual property right related to trade

Question 15: International Development Association (IDA) is managed by ___________.

(A) World Bank

(B) International Monetary Fund

(C) UNO

(D) U.S. Federal Bank

Question 16: The International Development Association, a lending agency, is administered by the ___________.

(A) International Bank of Reconstruction and Development

(B) International Fund for Agricultural Development

(C) United Nations Development Programme

(D) United Nations Industrial Development Organisation

Question 17: Consider the following operations.

1. International Bank for Reconstruction and Development
   
2. International Finance Corporation
   
3. International Fund for Agricultural Development
   
4. International Monetary Fund

Which of these are agencies of the United Nation?

(A) 1 and 2

(B) 2 and 3

(C) 3 and 4

(D) 1, 2, 3 and 4

Question 18: Which of the following were the aims behind the setting up of the World Trade Organisation (WTO)?

1. Promotion of free trade and resources flow across countries.
   
2. Protection of intellectual property rights.
   
3. Managing balanced trade between different countries.
   
4. Promotion of trade between the former East Bloc countries and the Western World.

Select the correct answer using the codes given below.

(A) 1, 2, 3 and 4

(B) 1 and 2

(C) 2 and 3

(D) 1 and 4

Question 19: One of the important agreements reached in the 1996 Ministerial conference of WTO refers to ___________.

(A) Commerce in Information Technology

(B) Multilateral Agreement on Investment

(C) Multi Fibre Agreement

(D) Exchange of Technical Personnel

Question 20: How is the United Nations Monetary and Financial Conference wherein the agreements were signed to set-up IBRD, GATT and IMF, commonly known?

(A) Bandung Conference

(B) Bretton Woods Conference

(C) Versailles Conference

(D) Valta Conference

Question 21: The Bretton Woods Conference led to the establishment of

1. I.M.F.
   
2. I.B.R.D.
   
3. United Nations
   
4. W.T.O.
   

Code

(A) 1 and 2

(B) 1, 2 and 3

(C) 1 and 3

(D) 1, 2, 3 and 4

Question 22: On the basis of size and composition of external debt, World Bank has classified India as __________.

(A) A moderately indebted country

(B) A less indebted country

(C) A heavily indebted country

(D) A critically indebted country

Question 23:Which of the following ‘BRICS’ nation has highest per capita income?

(A) China

(B) India

(C) South Africa

(D) Russian Federation

Question 24: Which one of the following countries is not a member of WTO?

(A) Slovenia

(B) Serbia

(C) Slovakia

(D) Columbia

Question 25: A group formed by India, Brazil, China and other developing countries for future negotiations at WTO is known as ____________.

(A) G-77

(B) G-55

(C) G-33

(D) G-11

Question 26: TRIMS stands for ____________.

(A) Trade-Related Income Measures

(B) Trade-Related Incentives Measures

(C) Trade-Related Investment Measures

(D) Trade-Related Innovative Measures

Question 27: India enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to ___________.

(A) ILO

(B) IMF

(C) UNCTAD

(D) WTO

Question 28: Match List-I with List-II and select the correct answer using the codes given below the lists.

Code

Question 29:

• Assertion (A): The new EXIM policy is liberal, market oriented and favours global trade.
  
• Reason (R): GATT has played a significant role in the liberalisation of the economy.
  

In the context of the above two statements, select the correct answer from the codes given below.

(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 the correct explanation of (A)

(C) (A) is true, but (R) is false

(D) (A) is false, but (R) is true

Question 30:

• Assertion (A): The United States of America has threatened to ask the World Trade Organisation (WTO) to apply sanctions against the developing countries for the non-observance of ILO conventions.
  
• Reason (R): The United States of America itself has adopted and implemented those ILO conventions.
  

In 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 the correct explanation of (A)

(C) (A) is true, but (R) is false

(D) (A) is false, but (R) is true