1. Which organization is known as the "World Bank"?
IBRD and IDA collectively
IBRD only
IFC and MIGA collectively
IMF only
Explanation:
The World Bank consists of two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
2. Which arm of the World Bank Group specifically provides interest-free loans (credits) and grants to the poorest countries?
IBRD (International Bank for Reconstruction and Development)
IDA (International Development Association)
MIGA (Multilateral Investment Guarantee Agency)
IFC (International Finance Corporation)
Explanation:
IDA is known as the "soft loan window" of the World Bank. It offers concessional loans with zero or very low interest rates and long repayment periods to the world's poorest developing countries.
3. The "Most Favored Nation" (MFN) principle under WTO implies:
Granting special privileges to one specific nation.
Giving preference to neighboring countries only.
Zero tariffs for developed nations.
Treating all trading partners equally without discrimination.
Explanation:
MFN status means that if a country grants a trade advantage (like lower tariffs) to one WTO member, it must immediately grant the same advantage to all other WTO members. It prevents discrimination.
4. Which grouping is often referred to as the "Bretton Woods Twins"?
UN and WTO
G20 and G7
IMF and World Bank
ADB and NDB
Explanation:
The International Monetary Fund (IMF) and the World Bank (IBRD) were both created at the Bretton Woods Conference in 1944, hence the name.