1) Utility is most closely related to the term: a. Useful b. Useless c. Necessary d. Satisfaction
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2) Demand curve slopes downward because of the law of: a. Consumer equilibrium b. Utility maximisation c. Utility minimisation d. Diminishing marginal utility
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3) A consumer's spending is restricted because of: a. Marginal utility b. Budget constraint c. Demand curve d. Utility maximisation
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4) Law of substitution is another name for law of: a. Law of Diminishing MU b. Law of Equi-MU c. Law of Demand d. Satisfaction
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5) Law of Equi-marginal Utlity is a law of: a. Production of wealth b. Consumption of wealth c. Distribution of wealth d. Exchange of wealth
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6) When MU is positive, TU: a. Increases b. Decreases c. Remains constant d. Is highest
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7) Diminishing marginal utility is the basis of: a. Law of supply b. Law of demand c. Law of returns d. None of the above
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8) When MU = 0, TU is: a. Minimum b. Maximum c. Laws of return d. None of the above
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9) Quality of a commodity that satisfies some human want or need is called: a. Service b. Demand c. Utility d. Efficiency
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10) Indifference curves are convex to the origin because: a. Two goods are perfect substitutes b. Two goods are imperfect substitutes c. Two goods are perfect complementary goods d. None of the above
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11) When did the international Monetary Fund (IMF) begin its operations? a. 1945 b. 1946 c. 1947 d. 1948
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12) What is the present total number of members of the IMF? a. 135 b. 142 c. 148 d. 155
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13) Where are the headquarters of the IMF? a. Paris b. Geneva c. New York d. Washington, DC
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14) What rate of interest does the IMF charge for providing additional confessional balance of payments assistance, under the structural adjustment facility, to low income countries? a. 2% b. 1.50% c. 1% d. 0.50%
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15) When was the first amendment to the Articles of the IMF made which led to the creation of the Special Drawing Rights (SDR) facility? a. 1969 b. 1971 c. 1975 d. 1978
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16) Which one of the following is not a function of the IMF? a. The promote international monetary cooperation b. To promote exchange stability c. To promote a multilateral trading system d. To promote the development of backward countries
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17) The IMF institute conducts courses, covering a wide spectrum of subjects in financial analysis and policy making for officials from member in Washington. When was it established? a. 1962 b. 1964 c. 1966 d. 1968
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18) The IMF approves the creation of a given amount of new SDRs. These SDRs are distributed among the participating countries on the basis of their: a. Needs b. Share in world trade c. Quotas in the IMF d. Balance of payments deficits
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19) Which of the following currencies is at present not included in the valuation of the SDRs? a. Pound sterling b. Yen c. Mark d. Dinar
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20) In 1974 the IMF changed the basis of valuation of the SDR by calculating the value of the SDR from a basket of currencies of several major countries. What was the number of currencies included in the valuation of the SDR in 1974? a. 16 b. 14 c. 12 d. 10
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21) Where are the headquarters of the International Labour Organisation (ILO)? a. Rome b. Geneva c. London d. New York
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22) When was the ILO established as an autonomous part of the League of Nations? a. 1918 b. 1919 c. 1920 d. 1921
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23) In which year was the ILO awarded the Nobel Peace Prize? a. 1965 b. 1969 c. 1973 d. 1977
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24) Which is the oldest organisation among the four? a. ILO b. FAO c. WHO d. IMF
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25) What was the total number of member countries of the Colombo Plan for Cooperative Economic Development in South and South-East Asia which was set up in 1950? a. Seven b. Fifteen c. Twenty d. Twenty six
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26) One of the following countries was not a member country of the Colombo Plan. Identify it: a. India b. Iran c. USA d. France
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27) In which month of 1945 was the Food and Agriculture Organisation (FAO) set up? a. August b. September c. October d. November
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28) In 1951 the FAO was transferred from its temporary headquarters in Washington, DC to: a. Rome b. New York c. Ottawa d. Geneva
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29) The FAO come into formal being in 1945 with the signing of its constitution at a converence held in: a. Washington, DC b. Virginia c. Quebec City d. New York
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30) An affiliate of the World Bank, the International Finance Corporation (IFC) became effective in: a. 1956 b. 1960 c. 1962 d. 1964
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31) The International Bank for Reconstruction and Development (IBRD), known as World Bank, began its operations in: a. 1944 b. 1945 c. 1946 d. 1947
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32) The main function of the World Bank is to: a. Encourage capital investment for the reconstruction and development of its member countries b. Grant long-term loans at little or no interest for projects in developing countries c. Reduce trade barriers and establish rules of free trade d. Facilitate poor countries to trade at concessional rates
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33) At what rate of interest does the World Bank provide loan to underdeveloped countries? a. 7.50% b. 6.50% c. 5.50% d. 4.50%
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34) The highest percentage of the World Bank's total loans have been made for the development of: a. Industry b. Agriculture c. Energy d. Transport
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35) The World Bank normally gives: a. Short-term loans b. Medium-term loans c. Long-term loans d. Medium and long-term Loans
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36) In which of the following ways does the World Bank give loans to members? a. By granting or participating in direct loans out of its own funds b. By granting loans out of funds raised in the market c. By guaranteeing loans made by private investors through investment channels d. All of the above
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37) How many governments have contributed to the capital of the World Bank? a. 144 b. 150 c. 154 d. 158
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38) An affiliate of the World Bank, the International Development Association (IDA) was set up in: a. 1950 b. 1956 c. 1960 d. 1962
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39) Where are the headquarters of the IDA? a. Washington, DC b. London c. Geneva d. New York
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40) The IDA gives development credits to the developing countries for a period of at least: a. 10 years b. 15 years c. 20 years d. 25 years
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41) How many lending nations formed the 'Aid India Club' to help India out of her foreign exchange difficulties? a. 14 b. 12 c. 10 d. 8
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42) Which of the following does not match? a. Food and Agricultural Organisation - Rome b. International Monetary Fund - Washingon, DC c. United Nations Fund for Population Activities - New York d. International Fund for Agriculaural Development Geneva
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43) The main function of the IFC is to: a. Make special efforts to promote international trade b. Encourage the growth of productive private enterprises in less developed member countries c. Assist those countries with an annual per capital gross national product of less than $520 d. Promote foreign investment
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44) Which financial institution is known as the 'soft loan window' from which underdeveloped countries can borrow in hard currencies? a. IBRD b. IFC c. IDA d. IMF
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45) The main function of the IDA is to: a. Achieve international cooperation in the field of economics b. Make loans to less developed countries on flexible terms c. Stabilize exchange rates d. Promote foreign private investment by guarantees
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46) An international conference was held in Geneva in 1947 to consider matters relating to common trade and tariff policy which led to the establishment of the General Agreement on Tariffs and Trade (GATT) in the following year. How many countries attended this conference? a. 19 b. 21 c. 23 d. 25
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47) Where are the headquarters of the General Agreement on Tariffs and Trade (GATT) organisation? a. Geneva b. Washington, DC c. London d. Ottawa
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48) There have been a series of rounds of negotiations between the signatories of GATT designed to reduce trade barriers on a multilateral basis. The first round took place in 1947. Which round came to be known as Kennedy Round? a. Third b. Fourth c. Fifth d. Sixth
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49) When was the Uruguay Round of multilateral trade negotiations under the GATT launched? a. January. 1986 b. June. 1986 c. September. 1986 d. December. 1986
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50) Including the Uruguay Round, how many multilateral trade negotiations have been held in the GATT to far? a. Nine b. Eight c. Seven d. Six
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