Basic functions of the Securities and Exchange — 21 India Economy PYQs with Answers | UKPSC PYQ Hub

Question 1

Under which agreement International Monetary Fund was established?

Accepted Answer

Bretton Woods Agreement. International Monetary Fund is a specialized agency of the United nations. It was founded at the Bretton woods conference in 1944 to secure international monetary cooperation.

Question 2

When was South Asian Association for Regional Cooperation (SAARC) established?

Accepted Answer

1985. The South Asian Association for Regional Cooperation (SAARC) was established in Dhaka on 8 December, 1985. SAARC comprises of eight member states: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. The Secretariat of the Association is in Kathmandu, Nepal.

Question 3

The Bretton Woods Conference led to the establishment of: I. I.M.F. II. I.B.R.D. III. United Nations IV. W.T.O.

Accepted Answer

I and II. The two major accomplishments of the Bretton Woods conference were the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank. The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post Second World War international monetary system.

Question 4

In which year was the SAPTA (South Asian Preferential Trade Agreement) constituted?

Accepted Answer

1993. The SAARC Preferential Trading Arrangement (SAPTA) reflected the desire of the Member States to promote and sustain mutual trade and economic cooperation within the SAARC region through the exchange of tariff concessions. SAPTA agreement was 11th signed on April, 1993 among the member countries namely Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. This agreement came into 7th effect on December, 1995.

Question 5

Who coined the term ‘BRICS’ in 2001?

Accepted Answer

Jim O’ Neill. The term ‘BRICS’ was coined by Jim O’ Neill in 2001. BRICS is the group composed by the five major emerging countries - Brazil, Russia, India, China and South Africa. South Africa was added to the group in 2010. BRICS is an important grouping bringing together the major emerging economies from the world, comprising 41% of the world population, having 24% of the world GDP and over 16% share in the world trade.

Question 6

Which one of the following countries is the largest Trading partner of India?

Accepted Answer

China. In 2016, India major trading partner countries for exports were United States, United Arab Emirates, Hong Kong, China and United Kingdom and for imports they were China, United States, United Arab Emirates, Saudi Arabia and Switzerland. When the question was asked China was largest trading partner of India. Note:- US has overtaken China as India’s largest trading partner. The US has been the largest trading partner of India with respect to merchandise trade since 2018-19. In the current 2021-22 (April- October), the US has once again become the largest trading partner with bilateral merchandise trade of USD 67.41 billion, accounting for 11.98 per cent of India's total merchandise trade.

Question 7

How many countries are members of World Bank?

Accepted Answer

189. 189 countries are members of World Bank. Founded in 1944, the International Bank for Reconstruction and Development, later called the World Bank has expanded to a closely associated group of five development institutions.

Question 8

Mixed economy means.

Accepted Answer

existence of both private and public sectors. In a mixed economy, the private sector will provide whatever goods and services it can produce well and the government will provide essential goods and services which the private sector fails to do. Hence in a mixed economy, both private and public sector works together.