In which year budget was GST first mentioned?

The correct answer is B, the World Bank. The World Development Report is the Bank's annual study, each edition devoted to one theme of development such as jobs, water, migration or the use of data, and the Bank also publishes the Global Economic Prospects. Option A is wrong because the IMF publishes the World Economic Outlook, the Global Financial Stability Report and the Fiscal Monitor. Option C is wrong because the United Nations Development Programme publishes the Human Development Report with the Human Development Index, which is the report most often confused with the World Bank's. Option D is wrong because the World Economic Forum, a private body based in Geneva that meets at Davos, publishes the Global Competitiveness Report and the Global Gender Gap Report. Reports and their publishers are a standing question type, so learn them as fixed pairs.

The correct answer is B, the World Trade Organization. TRIPS is one of the agreements that came out of the Uruguay Round and is administered by the WTO; it lays down minimum standards for patents, copyright, trademarks and geographical indications, and it is enforceable through the WTO dispute settlement system, which is what makes it different from earlier treaties. Option A is wrong, and is the natural trap, because the World Intellectual Property Organization in Geneva administers many intellectual property conventions and cooperates with the WTO, but TRIPS itself belongs to the WTO. Option C is wrong because UNIDO, with its seat at Vienna, works on industrial development and not on intellectual property rules. Option D is wrong because the IMF deals with monetary and balance of payments matters. The companion agreements are GATS for services and TRIMS for investment measures.

The correct answer is B, the Ministerial Conference. It is composed of the trade ministers of all member countries, meets at least once every two years and may take decisions on any matter covered by the WTO agreements; the first conference was held at Singapore in 1996 and the one at Doha in 2001 launched the Doha Development Agenda. Option A is wrong because the General Council, made up of ambassadors at Geneva, is the highest body between conferences and acts on their behalf, but it is not above them. Option C is wrong because the Dispute Settlement Body is the General Council sitting in another capacity to hear trade disputes, so it is part of that structure. Option D is wrong because the Secretariat and the Director-General serve the members and provide support; they take no decisions on trade rules, which in the WTO are agreed by consensus among members.

The correct answer is D, the Indian rupee. The Special Drawing Right, created by the IMF in 1969 as a supplementary reserve asset, takes its value from a basket of five currencies only: the US dollar, the euro, the Chinese renminbi, the Japanese yen and the pound sterling. The Indian rupee is not one of them, although India holds an allocation of SDRs as part of its foreign exchange reserves. Option A is wrong because the Japanese yen has been in the basket from the earlier years of the five currency arrangement. Option B is wrong because the Chinese renminbi was added to the basket in 2016, becoming the fifth currency and the first from an emerging economy. Option C is wrong because the pound sterling has been in the basket throughout. Remember that an SDR is a reserve asset and a unit of account, not a currency that can be spent directly.

The correct answer is C, the IDA, the International Development Association, founded in 1960 to lend to the poorest countries on concessional terms, that is interest free credits and grants with long repayment periods, which is why it is called the soft loan window of the World Bank. Option A is wrong because the IBRD, founded in 1944, lends to creditworthy middle income governments on market related terms and is the body usually meant when people say the World Bank. Option B is wrong because the IFC, founded in 1956, lends to and invests in private companies in developing countries without requiring a government guarantee. Option D is wrong because MIGA, founded in 1988, does not lend at all; it provides guarantees and political risk insurance to encourage foreign investment. The fifth arm, ICSID of 1966, settles investment disputes between investors and states.