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Which one of the following was the main aim to form ‘World Trade Organisation’ ?
  • a)
    To liberalise international trade
  • b)
    To promote trade of rich countries
  • c)
    To promote poor countries
  • d)
    To promote bilateral trade
Correct answer is option 'A'. Can you explain this answer?
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Which one of the following was the main aim to form ‘World Trade...
In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
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Which one of the following was the main aim to form ‘World Trade...
(i) 
WTO
 deals with the regulation of trade between participating countries. (ii) 
WTO
 provides a forum for negotiations and for settling disputes. (iii) It is also a center of economic research and analysis. (iv) It is an organization that intends to supervise and liberalize international trade.
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Read the source given below and answer the questions by choosing the most appropriate option:Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need. Whatever people like, and should have, they will be able to get with greater income. So, the greater income itself is considered to be one important goal. Now, what is the income of a country? Intuitively, the income of the country is the income of all the residents of the country. This gives us the total income of the country. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income.In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with a per capita income of US$ 49,300 per annum and above in 2019, are called high income or rich countries and those with a per capita income of US$ 2500 or less are called lowincome countries. India comes in the category of low middle-income countries because its per capita income in 2019 was just US$ 6700 per annum. The rich countries, excluding countries of the Middle East and certain other small countries, are generally called developed countries.Which of the following is an awful measure to compare income between countries?

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Which one of the following was the main aim to form ‘World Trade Organisation’ ?a)To liberalise international tradeb)To promote trade of rich countriesc)To promote poor countriesd)To promote bilateral tradeCorrect answer is option 'A'. Can you explain this answer?
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