Indian Economy GK Questions with Answers – Page 38

The WTO began on 1 January 1995 as the outcome of the Uruguay Round, and it replaced the General Agreement on Tariffs and Trade as a permanent organisation with a dispute settlement system.

The OECD was established in 1961 as the successor of the Organisation for European Economic Co-operation, which had been created to administer aid under the Marshall Plan, and it works from Paris as a forum of mostly high-income countries that sets standards and publishes comparative statistics.

The New Development Bank was agreed at the sixth BRICS summit at Fortaleza in Brazil in 2014 and began work with its headquarters at Shanghai, with K. V. Kamath of India as its first president and an African regional centre in South Africa.

South Africa was invited to join in 2010 and took part in the summit at Sanya in China in 2011, and the letter S was added to the acronym to make BRICS.

The leaders of Brazil, Russia, India and China met for the first summit of the grouping at Yekaterinburg in Russia in June 2009, turning an analyst's acronym into a working forum.

Jim O'Neill, then an economist at Goldman Sachs, used the acronym BRIC in a paper of 2001 to describe Brazil, Russia, India and China, the four large economies he expected to grow into a major share of world output.

The New Delhi Leaders' Summit of September 2023, held under India's presidency at Bharat Mandapam, admitted the African Union as a permanent member, so that the group now has a second regional organisation alongside the European Union.

The first summit at the level of heads of state and government was called in November 2008, when the collapse of large financial firms threatened the world economy, and it met at Washington.

The Group of Twenty was formed in 1999, in the aftermath of the Asian financial crisis, as a forum where the finance ministers and central bank governors of the major advanced and emerging economies could discuss the stability of the world financial system.

A price index measures how the price of a commodity or of a basket of goods has moved between a base period and the current period, so the price of wheat over the years is read from a price index.

Net investment is gross investment minus depreciation, that is, the addition to the stock of capital left after making good the wear and tear of existing machines, buildings and equipment.

A demand curve is the picture of the demand function, which links the quantity a consumer buys to the price of the good, so statement I is correct.

The law of demand says that, other things remaining the same, a consumer buys more of a good when its price falls and less when the price rises, so price and quantity demanded move in opposite directions.

A monopolist is the only seller of a good that has no close substitute, so buyers cannot shift away easily when the price rises and the demand curve the firm faces is steeper, that is less elastic.

The Planning Commission was set up in March 1950 by a resolution of the Union Cabinet, so it was neither a constitutional nor a statutory body.

The Industrial Policy Resolution of 1956 divided industries into three schedules. Schedule A listed seventeen industries to be the exclusive responsibility of the state, such as arms, atomic energy, railways and heavy industry.

Consumption of fixed capital is the national income term for depreciation, the fall in the value of machines, buildings and other fixed assets as they are used up or become obsolete over the year.

The Pradhan Mantri Jeevan Jyoti Bima Yojana can be joined by anyone between 18 and 50 years of age who holds a savings bank account.

TISCO, now Tata Steel, is owned and run by private shareholders, which is what makes an enterprise part of the private sector.

The Goods and Services Tax was announced for the first time in the Union Budget for 2006-07, presented by the then Finance Minister P. Chidambaram, who proposed 1 April 2010 as the date for rolling it out.