world organisations section 2 MCQ Questions & Answers Detailed Explanation

Answer: (c)

OPEC has twelve member countries: six in the Middle East, four in Africa, and two in South America. The African states in OPEC are: Nigeria, Algeria, Angola and Libya.

Answer: (b)

The World Trade Organization (WTO) that supervises and liberalizes international trade officially commenced on 1 January 1995 under the Marrakech Agreement. It replaced the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.

Answer: (b)

The headquarters of INTERPOL are located in Lyons. INTERPOL was established in 1923 with headquarters in Paris. After a terrorist bomb blast in May 1986, the headquarters were shifted to Lyons.

Answer: (b)

India has witnessed many changes as a result of globalisation and liberalisation especially during the last decade of the second millennium. We have less than 1 per cent share of world trade against more than 16% of the world population. At the time of independence, it was higher at about 2% though it was forced to export more than its imports in order to meet the unilateral transfers.

In 1950, the Indian share in the total world trade was 1.78%, which came down to 0.6% in 1995. According to the Economic Survey 2002-03, this percentage share of 0.6% continued in years 1997 and 1998.

In 1999 this share has increased to 0.7% which clearly indicates that India has failed to increase its share in the total world trade.

Answer: (d)

The World Bank is an international financial institution that provides loans to developing countries for capital programs. The World Bank is one of four institutions created at the Bretton Woods Conference in 1944. The International Monetary Fund (IMF), a related institution, is another.

Answer: (d)

The International Bank for Reconstruction and Development (IBRD) is the first of five member institutions that compose the World Bank Group and is headquartered in Washington, D.C., United States.

Together, the International Bank for Reconstruction and Development and its concessional lending arm, the International Development Association, are collectively known as the World Bank.