IMF, World Bank and WTO – Indian Economy, Previous Year Questions(UPSC CSE)(2011-24)

Consider the following statements:

1. India is a member of the International Grains Council.

2. A country needs to be a member of the International Grains Council for exporting or importing rice and wheat. 

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

2.”Gold Tranche” (Reserve Tranche) refers to

(a) A loan system of the World Bank

(b) One of the operations of a Central Bank

(c) A credit system granted by WTO to its members

(d) A credit system granted by IMF to its members

3. Regarding the International Monetary Fund, which one of the following statements is correct?

(a) It can grant loans to any country

(b) It can grant loans to only developed countries

(c) It grants loans to only member countries

(d) It can grant loans to the central bank of a country

4. With reference to Trade-Related Investment Measures (TRIMS), which of the following statements is/are correct?

1. Quantitative restrictions on imports by foreign investors are prohibited.
2. They apply to investment measures related to trade in both goods and services.
3. They are not concerned with the regulation of foreign investment.

Select the correct answer using the code given below:

(a) 1 and 2 only

(b) 2 only

(c) 1 and 3 only

(d) 1, 2 and 3

5. Which one of the following is not a sub-index of the World Bank’s ‘Ease of Doing Business Index’?

(a) Maintenance of law and order

(b) Paying taxes

(c) Registering property

(d) Dealing with construction permits

6. Consider the following countries:

1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA

Which of the above are among the ‘free-trade partners’ of ASEAN?

(a) 1, 2, 4 and 5

(b) 3, 4, 5 and 6

(c) 1, 3, 4 and 5

(d) 2, 3, 4 and 6

7. Consider the following statements: 

1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

8. With reference to the ‘National Intellectual Property Rights Policy’, consider the following statements: 

1. It reiterates India’s commitment to the Doha Development Agenda and the TRIPS Agreement.
2. Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual property rights in India.

Which of the above statements is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

9. ‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes seen in the news in the context of negotiations held between India and

(a) European Union

(b) Gulf Cooperation Council

(c) Organization for Economic Cooperation and Development

(d) Shanghai Cooperation Organization

10. The term ‘Digital Single Market Strategy’ seen in the news refers to

(a) ASEAN

(b) BRICS

(c) EU

(d) G20

11. Consider the following statements:

1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.

Which of the statements given above is/are correct?

(a) 1 and 2only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

12. With reference to `IFC Masala Bonds’, sometimes seen in the news, which of the statements given below is/are correct? 

1. The International Finance Corporation, which offers these bonds, is an arm of the World Bank.
2. They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.

Select the correct answer using the code given below

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither1 nor 2

13. In the context of which of the following do you sometimes find the terms ‘amber box, blue box and green box’ in the news? 

(a) WTO affairs

(b) SAARC affairs

(c) UNFCCC affairs

(d) India-EU negotiations on FTA

14. Recently, which one of the following currencies has been proposed to be added to the basket of IMF’s SDR? 

(a) Rouble

(b) Rand

(c) Indian Rupee

(d) Renminbi

15. India’s ranking in the ‘Ease of Doing Business Index’ is sometimes seen in the news. Which of the following has declared that ranking?

(a) Organization for Economic Cooperation and Development (OECD)

(b) World Economic Forum

(c) World Bank

(d) World Trade Organization (WTO)

16. Consider the following statements:

1. New Development Bank has been set up by APEC.
2. The headquarters of New Development Bank is in Shanghai.

Which of the statements given above is/ are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

17. With reference to the International Monetary and Financial Committee (IMFC), consider the following statements:

1. IMFC discusses matters of concern affecting the global economy, and advises the International Monetary Fund (IMF) on the direction of its work.
2. The World Bank participates as observer in MFC’s meetings,

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither I nor 2

18. ‘Global Financial Stability Report’ is prepared by the

(a) European Central Bank

(b) International Monetary Fund

(c) International Bank for Reconstruction and Development

(d) Organization for Economic Cooperation and Development

19. Which one of the following issues the ‘Global Economic Prospects’ report periodically?

(a) The Asian Development Bank

(b) The European Bank for Reconstruction and Development

(c) The US Federal Reserve Bank

(d) The World Bank

20. The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phyto-sanitary Measures’ and ‘Peace Clause’ appear in the news frequently in the context of affairs of the

(a) Food and Agriculture Organization

(b) United Nations Framework Conference on Climate Change

(c) World Trade Organization

(d) United Nations Environment Programme

21. Which of the following organizations brings out the publication known as ‘World Economic Outlook’?

(a) The International Monetary Fund

(b) The United Nations Development Programme

(c) The World Economic Forum

(d) The World Bank

22. India enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to

(a) ILO

(b) IMF

(c) UNCTAD

(d) WTO

——————————————————————————————————–

Key with Explanation:

Consider the following statements:

1. India is a member of the International Grains Council.

2. A country needs to be a member of the International Grains Council for exporting or importing rice and wheat. 

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Explanation:

2.”Gold Tranche” (Reserve Tranche) refers to

(a) A loan system of the World Bank

(b) One of the operations of a Central Bank

(c) A credit system granted by WTO to its members

(d) A credit system granted by IMF to its members

Explanation:

3. Regarding the International Monetary Fund, which one of the following statements is correct?

(a) It can grant loans to any country

(b) It can grant loans to only developed countries

(c) It grants loans to only member countries

(d) It can grant loans to the central bank of a country

Explanation:

4. With reference to Trade-Related Investment Measures (TRIMS), which of the following statements is/are correct?

1. Quantitative restrictions on imports by foreign investors are prohibited.
2. They apply to investment measures related to trade in both goods and services.
3. They are not concerned with the regulation of foreign investment.

Select the correct answer using the code given below:

(a) 1 and 2 only

(b) 2 only

(c) 1 and 3 only

(d) 1, 2 and 3

Explanation:

5. Which one of the following is not a sub-index of the World Bank’s ‘Ease of Doing Business Index’?

(a) Maintenance of law and order

(b) Paying taxes

(c) Registering property

(d) Dealing with construction permits

Explanation:

6. Consider the following countries:

1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA

Which of the above are among the ‘free-trade partners’ of ASEAN?

(a) 1, 2, 4 and 5

(b) 3, 4, 5 and 6

(c) 1, 3, 4 and 5

(d) 2, 3, 4 and 6

Explanation:

7. Consider the following statements: 

1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Explanation:

8. With reference to the ‘National Intellectual Property Rights Policy’, consider the following statements: 

1. It reiterates India’s commitment to the Doha Development Agenda and the TRIPS Agreement.
2. Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual property rights in India.

Which of the above statements is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Explanation:

9. ‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes seen in the news in the context of negotiations held between India and

(a) European Union

(b) Gulf Cooperation Council

(c) Organization for Economic Cooperation and Development

(d) Shanghai Cooperation Organization

Explanation:

10. The term ‘Digital Single Market Strategy’ seen in the news refers to

(a) ASEAN

(b) BRICS

(c) EU

(d) G20

Explanation:

11. Consider the following statements:

1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.

Which of the statements given above is/are correct?

(a) 1 and 2only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Explanation:

12. With reference to `IFC Masala Bonds’, sometimes seen in the news, which of the statements given below is/are correct? 

1. The International Finance Corporation, which offers these bonds, is an arm of the World Bank.
2. They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.

Select the correct answer using the code given below

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither1 nor 2

Explanation:

13. In the context of which of the following do you sometimes find the terms ‘amber box, blue box and green box’ in the news? 

(a) WTO affairs

(b) SAARC affairs

(c) UNFCCC affairs

(d) India-EU negotiations on FTA

Explanation:

14. Recently, which one of the following currencies has been proposed to be added to the basket of IMF’s SDR? 

(a) Rouble

(b) Rand

(c) Indian Rupee

(d) Renminbi

Explanation:

15. India’s ranking in the ‘Ease of Doing Business Index’ is sometimes seen in the news. Which of the following has declared that ranking?

(a) Organization for Economic Cooperation and Development (OECD)

(b) World Economic Forum

(c) World Bank

(d) World Trade Organization (WTO)

Explanation:

16. Consider the following statements:

1. New Development Bank has been set up by APEC.
2. The headquarters of New Development Bank is in Shanghai.

Which of the statements given above is/ are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Explanation:

17. With reference to the International Monetary and Financial Committee (IMFC), consider the following statements:

1. IMFC discusses matters of concern affecting the global economy, and advises the International Monetary Fund (IMF) on the direction of its work.
2. The World Bank participates as observer in MFC’s meetings,

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither I nor 2

Explanation:

18. ‘Global Financial Stability Report’ is prepared by the

(a) European Central Bank

(b) International Monetary Fund

(c) International Bank for Reconstruction and Development

(d) Organization for Economic Cooperation and Development

Explanation:

19. Which one of the following issues the ‘Global Economic Prospects’ report periodically?

(a) The Asian Development Bank

(b) The European Bank for Reconstruction and Development

(c) The US Federal Reserve Bank

(d) The World Bank

Explanation:

20. The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phyto-sanitary Measures’ and ‘Peace Clause’ appear in the news frequently in the context of affairs of the

(a) Food and Agriculture Organization

(b) United Nations Framework Conference on Climate Change

(c) World Trade Organization

(d) United Nations Environment Programme

Explanation:

21. Which of the following organizations brings out the publication known as ‘World Economic Outlook’?

(a) The International Monetary Fund

(b) The United Nations Development Programme

(c) The World Economic Forum

(d) The World Bank

Explanation:

22. India enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to

(a) ILO

(b) IMF

(c) UNCTAD

Explanation: