CBSE 2024, Set 1

Question

Read the following statements- Assertion (A) and Reason (R). Choose the correct alternative given below:
Assertion (A): World Trade Organization (WTO) is expected to establish the rule-based trading regime, to avoid unilaterally placed arbitrary restrictions by member nations.
Reason (R): It is imperative to enlarge world production and ensure optimum utilization of world resources along with environmental protection. A). Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). B). Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). C). Assertion (A) is true, but Reason (R) is false. D). Assertion (A) is false, but Reason (R) is true.

Edvaya · Accepted Answer

The correct answer is Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).. The WTO establishes a rule-based trading regime in which nations cannot place arbitrary restrictions on trade. The underlying reason for setting up such free and fair trade rules is to integrate the global economy, optimally utilize resources, and expand world production while protecting the environment.

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Economics > Indian Economic Development > Economic Reforms 1991

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