The International Monetary Fund and the World Bank were created at the conference held in 1944 at

The correct answer is C, 1999. 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. Option A is wrong because 1991 is the year of India's balance of payments crisis and of economic reform, not of the G20. Option B is wrong because 1995 is the year the World Trade Organization came into being, replacing the GATT. Option D is wrong, but it is the trap that catches most candidates: 2008 is the year the G20 was raised to the level of heads of state and government, when the first leaders' summit was held at Washington after the global financial crisis. Keep the two years apart as formation in 1999 and summit level in 2008.

The correct answer is B, Washington D.C. 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. Option A is wrong because London hosted the second summit, in April 2009, which agreed on a large package of support through the International Monetary Fund. Option C is wrong because Pittsburgh hosted the third summit, in September 2009, at which the G20 declared itself the premier forum for international economic cooperation. Option D is wrong because Toronto hosted a summit in 2010. The sequence of the first three, Washington, London and Pittsburgh, is itself asked, so learn it in order along with the New Delhi summit of 2023.

The correct answer is A, the African Union. 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. Option B is wrong because ASEAN is invited to summits as a guest organisation but is not a member. Option C is wrong because the Commonwealth has no such place in the G20. Option D is wrong because the Arab League, like ASEAN, attends as an invited body in some years. The summit's theme, Vasudhaiva Kutumbakam, rendered as One Earth, One Family, One Future, and the declaration adopted there are asked in the same breath as this fact. The admission also meant that the group now carries two regional organisations rather than one, which is the point a statement-based question tests.

The correct answer is B, Jim O'Neill. 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 term was an analyst's label before it became a political grouping with the first summit of 2009. Option A is wrong because Amartya Sen is known for his work on welfare economics, famine and the capability approach, and received the Nobel Prize in 1998. Option C is wrong because Joseph Stiglitz is known for the economics of information and his writing on globalisation. Option D is wrong because Raghuram Rajan was a chief economist of the International Monetary Fund and later Governor of the Reserve Bank of India. Only O'Neill is linked with the acronym.

The correct answer is B, Yekaterinburg. 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. Option A is wrong because Brasilia hosted the second summit, in 2010. Option C is wrong because Sanya in China hosted the summit of 2011, which was the first attended by South Africa after it joined, so that meeting is remembered as the first BRICS summit. Option D is wrong because Durban in South Africa hosted the summit of 2013, where the plan for a development bank was carried forward. Candidates often answer Sanya here, so fix the distinction: first BRIC summit at Yekaterinburg and first BRICS summit at Sanya.