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UPSC IAS Prelims 2021: Important Questions on Economics - Topic 10 (International Organizations)

Sakshi Saroha

Various International Organizations throughout the World have been working for the betterment and peace of the world. Most of the time 3-4 questions based on these organizations and their work are asked in the UPSC (IAS) Prelims Exam. To help the students revise all the information related to such organizations, we have provided a list of 10 questions that can be asked in the UPSC IAS Prelims 2021 exam.

Also Check: Topic-wise Important Questions on Economics

Ques 1: Which one of the following organizations is not part of the World Bank Group (WBG)?

(a) International Bank for Reconstruction and Development (IBRD)

(b) International Development Association (IDA)

(c) General Agreement on Trade and Tariffs (GATT)

(d) Multilateral Investment Guarantee Agency (MIGA)

Ans: c

Explanation:

The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and most famous development bank in the world and is an observer at the United Nations Development Group. Its five organizations are: International Bank for Reconstruction and Development (IBRD), 

the International Development Association (IDA), 

the International Finance Corporation (IFC), 

the Multilateral Investment Guarantee Agency (MIGA) and 

the International Centre for Settlement of Investment Disputes (ICSID).

Ques 2: Consider the following statements with reference to International Development Association (IDA):

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  1. IDA aims to reduce poverty by providing loans to the world’s poorest countries.
  2.  IDA loans have a low- to medium nterest charge which depends from nation to nation.

Which of the given statement is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 & 2

(d) Neither 1 nor 2

Ans: a

Explanation:

IDA lends money on concessional terms. This means that IDA credits have a zero or very low interest charge and repayments are stretched over 25 to 40 years, including a 5- to 10-year grace period. IDA also provides grants to countries at risk of debt distress.

Ques 3: Which of the following two pairs are referred to as “Bretton Woods Twins”

(a) IMF and World Bank

(b) WTO and World Bank

(c) WTO and IMF

(d) UN and World Bank

Ans: a

Explanation:

The international Bank for Reconstruction and Development( now called the World Bank) and the International Monetary Fund (IMF) were established with different mandates as a result of the Bretton Woods Conference in 1944.

Ques 4: Which of the following is not a function of IMF?

  1. Promote international monetary cooperation.
  2. Promote economic development and structural reforms in the developing countries.
  3. Promote exchange stability among its members.

Select the correct code:

(a) 1 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1,2 and 3

Ans: c

Explanation:

Promote economic development and structural reforms in the developing countries is an operation of World Bank.

Ques 5: Consider the following statements with reference to Asian Development Bank:

  1. The headquarters of ADB is in Shanghai.
  2. India was a founding member of ADB in 1966 

Which of the given statement is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 & 2

(d) Neither 1 nor 2

Ans: b

Explanation:

Established in 1966, its headquarters is in Manila.

Ques 6: New Development Bank (NDB) is established by the:

(a) ASEAN nations

(b) BRICS nations

(c) G 7 nations

(d) United Nations

Ans: b

Explanation:

The New Development Bank (NDB) is established by The BRICS states (Brazil, Russia, India, China and South Africa). According to the Agreement on the NDB, “the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments.”

Ques 7: Consider the following statements:

  1. TRIPS is an international agreement administered by the World Trade Organization (WTO)
  2. It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1994.

Which of the given statement is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 & 2

(d) Neither 1 nor 2

Ans: c

Explanation:

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international agreement administered by the World Trade Organization (WTO) that sets down minimum standards for many forms of intellectual property (IP) regulation as applied to nationals of other WTO Members. It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1994.

Ques 8: India is a member of which of the following organizations?

  1. AfDB - African Development Bank
  2. AG - Australia Group
  3. CERN - European Organization for Nuclear Research 

Select the correct code:

(a) 1 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1,2 and 3

Ans: d

Explanation:

India joined the Australia group in January 2018.

India is an associate member of CERN

Ques 9: Consider the following statements with reference to International Court of Justice:

  1. It is the UN’s main judicial organ.
  2. The Court settles legal disputes between nations and individuals of different nations.
  3. The Court can only hear a dispute when requested to do so by all the concerned nations.

Select the correct code:

(a) 1 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1,2 and 3

Ans: a

Explanation:

The Court settles legal disputes between nations only and not between individuals, in accordance with international law. If a country does not wish to take part in a proceeding it does not have to do so, unless required by special treaty provisions. Once a country accepts the Court’s jurisdiction, it must comply with its decision.

The Court can only hear a dispute when requested to do so by one or more States.  It cannot deal with a dispute of its own motion.

Ques 10: 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

Ans: a

Explanation:

World Economic Outlook is a survey by the International Monetary Fund (IMF) which is usually published twice a year in the months of April and October.

We sincerely hope that the given questions would have helped you in your Prelims preparation. You can also check the below link to keep yourself updated on the latest GK quiz and events. 

GK Quiz on Daily Static and Current Events

Also Read: List Of International Organisations India is a Member Country

 

 

 

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