Economics Practice Quiz 64

Q1.The World Trade Organisation (WTO) was started at the initiative of which group of countries?

A. Developing countries. B. Least developed countries. C. Developed countries. D. Non-aligned countries.

Q2.What is a major grievance of developing countries against developed country governments regarding WTO rules?

A. Developed countries refuse to import goods from developing nations. B. Developed countries have increased their tariffs on raw materials. C. Developed countries continue to pay vast sums to their farmers while asking developing countries to stop supporting theirs. D. Developed countries are not investing enough in developing economies.

Q3.In India, the agriculture sector provides the bulk of employment and a significant portion of the GDP. This information is referenced from which chapter in the textbook?

A. Chapter 1 B. Chapter 2 C. Chapter 3 D. Chapter 4

Q4.What is the approximate share of agriculture in the GDP of a developed country like the US?

A. 1% B. 5% C. 10% D. 20%

Q5.What kind of support do farmers in the US receive from their government?

A. Small loans for equipment. B. Massive sums of money for production and exports. C. Subsidies for organic farming only. D. Free agricultural training programs.

Q6.What is the consequence of the massive financial support received by US farmers?

A. They can invest more in sustainable farming practices. B. They can sell farm products at abnormally low prices. C. They become self-sufficient and do not require government aid. D. They focus solely on domestic consumption.

Q7.A typical cotton farm in the USA, as described in the text, is characterized by what?

A. Small family-owned plots. B. Thousands of acres owned by a huge corporation. C. Government-managed cooperatives. D. Focus on organic and niche products.

Q8.According to the provided text, which section of consumers has primarily benefited from globalization and increased competition in India over the last twenty years?

A. Rural farmers B. Industrial workers C. Well-off sections in urban areas D. Small business owners

Q9.Which of the following is NOT mentioned as a benefit for consumers due to globalization and increased competition in India?

A. Greater choice of products B. Improved quality of products C. Lower prices for several products D. Increased access to credit facilities

Q10.What has been the impact of globalization on the standard of living for the benefiting consumers in India?

A. It has remained largely unchanged. B. It has slightly declined due to increased competition. C. They enjoy much higher standards of living than was possible earlier. D. It has improved only for those in rural areas.

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Economics Practice Quiz 64