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Test: Asia- Economic Development - UPSC MCQ


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10 Questions MCQ Test Oxford Student ATLAS: Maps & Tests - Test: Asia- Economic Development

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Test: Asia- Economic Development - Question 1

Which international organization issued a warning about the slowdown of global trade in 2023?

Detailed Solution for Test: Asia- Economic Development - Question 1

International Monetary Fund (IMF) issued a warning on January 31, 2023, about the slowdown of global trade from 5.4% in 2022 to 2.4% in 2023.

Test: Asia- Economic Development - Question 2

What has contributed to the growth of South Asia-East Asia trade since the 1990s?

Detailed Solution for Test: Asia- Economic Development - Question 2

The growth of South Asia-East Asia trade since the 1990s is linked to India's Look East Act East policies, South Asia's adoption of reforms, and China's offshoring of global supply chains to Asia.

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Test: Asia- Economic Development - Question 3

What is one of the key factors needed to encourage regional trade integration across Asia?

Detailed Solution for Test: Asia- Economic Development - Question 3

Regional trade integration across Asia can be encouraged by gradually reducing barriers to goods and services trade. Import tariffs and non-tariff measures have risen in several South Asian economies since the 2008 global financial crisis and should be reversed.

Test: Asia- Economic Development - Question 4

What is one essential measure to promote gains from trade and mitigate income inequality?

Detailed Solution for Test: Asia- Economic Development - Question 4

Adjustment financing to losing sectors is essential to promote gains from trade and mitigate income inequality. This measure helps in reallocating factors of production and re-training workers.

Test: Asia- Economic Development - Question 5

How can the performance of Special Economic Zones (SEZs) in South Asia be improved?

Detailed Solution for Test: Asia- Economic Development - Question 5

Improving the performance of SEZs in South Asia requires ensuring macroeconomic and political stability, adopting good practice regulatory policies towards investors, providing reliable electricity, and upgrading worker skills.

Test: Asia- Economic Development - Question 6

Which statement is true about South Asian economies and Free Trade Agreements (FTAs)?

Detailed Solution for Test: Asia- Economic Development - Question 6

South Asian economies need to improve their use of tariff preferences by better preparing businesses to navigate the complex rules of origin in FTAs and by including issues relevant to global supply chains in future FTAs.

Test: Asia- Economic Development - Question 7

Which regional organization has been described as practically dead in the text?

Detailed Solution for Test: Asia- Economic Development - Question 7

South Asian Association for Regional Cooperation (SAARC) has been practically dead since no summit has taken place since 2014, leaving the organization rudderless.

Test: Asia- Economic Development - Question 8

How can a reinvented BIMSTEC facilitate stronger trade ties?

Detailed Solution for Test: Asia- Economic Development - Question 8

A reinvented BIMSTEC can facilitate stronger trade ties by better resourcing its Secretariat, concluding a long-running BIMSTEC FTA, and introducing dialogue partner status to encourage open regionalism in Asia.

Test: Asia- Economic Development - Question 9

What is the main difference between BIMSTEC and SAARC?

Detailed Solution for Test: Asia- Economic Development - Question 9

BIMSTEC is a reinvented trade-focused organization, while SAARC, the South Asian Association for Regional Cooperation, aims to promote economic growth and cooperation in South Asia.

Test: Asia- Economic Development - Question 10

How can Indian foreign policy objectives be realized by forming BIMSTEC?

Detailed Solution for Test: Asia- Economic Development - Question 10

Forming a new organization like BIMSTEC can help realize Indian foreign policy objectives by diversifying trade partners and reducing dependence on SAARC, which has been hindered by deepening hostility between India and Pakistan.

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