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Ramesh Singh Test: Foreign Trade


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20 Questions MCQ Test Indian Economy for UPSC CSE | Ramesh Singh Test: Foreign Trade

Ramesh Singh Test: Foreign Trade for UPSC 2022 is part of Indian Economy for UPSC CSE preparation. The Ramesh Singh Test: Foreign Trade questions and answers have been prepared according to the UPSC exam syllabus.The Ramesh Singh Test: Foreign Trade MCQs are made for UPSC 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Ramesh Singh Test: Foreign Trade below.
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Ramesh Singh Test: Foreign Trade - Question 1

 Which of the following is a part of capital account?

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 1

Capital account is classified into 3 parts in India- private, banking and official capital.

Ramesh Singh Test: Foreign Trade - Question 2

Consider the following statements and identify the right ones.
i. A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of trade
ii. All transactions related to goods, services or income are classified as capital account.

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 2

A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of payments. All transactions related to goods, services or income are classified as current account.

Ramesh Singh Test: Foreign Trade - Question 3

The investment in productive assets and participation in management as stake holders in business enterprises is

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 3

The investment in productive assets and participation in management as stake holders in business enterprises is foreign direct investment.

Ramesh Singh Test: Foreign Trade - Question 4

The portfolio investment by foreign institutional investors is called

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 4

The portfolio investment by foreign institutional investors is called foreign institutional investment.

Ramesh Singh Test: Foreign Trade - Question 5

Consider the following statements and identify the right ones.
i. India adopted LERMS in 1992
ii. In 1993, dual exchange rate system was replaced by a unified floating exchange rate.

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 5

Liberalized Exchange Rate Management System was a dual exchange rate system in which 40% of forex earnings were converted at official exchange rate and 60% at market determined exchange rate.

Ramesh Singh Test: Foreign Trade - Question 6

 Consider the following statements and identify the right ones.
i. IMF came into existence as an outcome on Bretton Woods agreement
ii. France was the 1st country to borrow from IMF 

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 6

IMF oversees the international monetary system. 

Ramesh Singh Test: Foreign Trade - Question 7

Consider the following statements and identify the right ones.
i. The executive board is the highest decision making body of IMF
ii. The Board of Governors meets twice a year.

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 7

The Board of Governors is the highest decision making body of IMF. The Board of Governors meets once a year.

Ramesh Singh Test: Foreign Trade - Question 8

 Consider the following statements and identify the right ones.
i. Executive board conducts the business of the IMF
ii. It meets once in a year

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 8

Executive board conducts the business of the IMF. It functions in continuous session and meets several times in a week.

Ramesh Singh Test: Foreign Trade - Question 9

 Consider the following statements and identify the right ones.
i. The day to day work of IMF is conducted by the board of governors
ii. Selected nations who are members of IMF are given a quota 

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 9

The day to day work of IMF is conducted by the executive board. All the nations are assigned a quota.

Ramesh Singh Test: Foreign Trade - Question 10

 Consider the following statements and identify the right ones
i. The quota does not decide voting power in IMF’s decisions 
ii. Quota subscription constitutes most of the financial resources of IMF

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 10

The quota decides voting power in IMF’s decisions. Quota subscription constitutes most of the financial resources of IMF.

Ramesh Singh Test: Foreign Trade - Question 11

Consider the following statements and identify the right ones.
i. SDRs cannot voluntarily be exchanged among members for currencies
ii. US is the largest member of the IMF

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 11

SDRs can voluntarily be exchanged among members for currencies.

Ramesh Singh Test: Foreign Trade - Question 12

Which of the following is an institution of World Bank?

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 12

World Bank has five institutions- IBRD, IDA, International Finance Corporation, MIGA and ISCID.

Ramesh Singh Test: Foreign Trade - Question 13

Consider the following statements and identify the right ones.
i. Low income countries are eligible to receive low interest loans from IDA
ii. India is eligible for a blend of financial assistance from IDA and IBRD

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 13

IBRD aims at reducing poverty in middle income and credit-worthy poor countries.

Ramesh Singh Test: Foreign Trade - Question 14

Which of the following is not an objective of World Bank?

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 14

World Bank provides long term capital to member countries for economic reconstruction and development.

Ramesh Singh Test: Foreign Trade - Question 15

 Which of the following is known as soft loan window of the World Bank?

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 15

IDA was established in 1960. It aims at reducing poverty by providing interest free credits and grants for economic growth.

Ramesh Singh Test: Foreign Trade - Question 16

The investment arm of the world bank is

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 16

IFC was established in 1956. It is known as the investment arm of the World Bank.

Ramesh Singh Test: Foreign Trade - Question 17

The insurance arm of world bank is

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 17

MIGA is known as the insurance arm of World Bank. It was established in 1988.

Ramesh Singh Test: Foreign Trade - Question 18

Consider the following statements and identify the right ones.
i. IFC is governed by board of governors
 ii. It mobilizes capital in international capital markets

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 18

International Finance Corporation is governed by board of governors who are represented by member countries.

Ramesh Singh Test: Foreign Trade - Question 19

Consider the following statements and identify the right ones.
i. ICSID is a multilateral treaty formulated by executive directors of IBRD
ii. All the countries have deposited their instruments of ratification, acceptance of the convention.

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 19

Not all the countries have deposited their instruments of ratification, acceptance of the convention.

Ramesh Singh Test: Foreign Trade - Question 20

 Consider the following statements and identify the right ones.
i. The head of WTO is known as director general
ii. The WTO summit is held once in very year

Detailed Solution for Ramesh Singh Test: Foreign Trade - Question 20

The WTO summit is held once in two years. The summit is known as Ministerial Conference.

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