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    Question

    Which of the following Statements about OECD is/are True?

    I- Most OECD members are high-income economies with a very high Human Development Index (HDI).

    II- OECD originated in 1948, as the Organisation for European Economic Co-operation (OEEC).

    III- The objectives of the OECD include fostering economic development and cooperation and fighting poverty through the promotion of economic stability.

    A Only I Correct Answer Incorrect Answer
    B Only II Correct Answer Incorrect Answer
    C I & II Correct Answer Incorrect Answer
    D II & III Correct Answer Incorrect Answer
    E all of the above Correct Answer Incorrect Answer

    Solution

    Solution- The objectives of the OECD include fostering economic development and cooperation and fighting poverty through the promotion of economic stability. OECD originated in 1948, as the Organisation for European Economic Co-operation (OEEC). The Organisation for European Economic Co-operation (OEEC) was founded to govern the predominantly US-funded Marshall Plan for post-war reconstruction on the continent. The OEEC was instrumental in helping the European Economic Community (EEC). The EEC has evolved into the European Union (EU) to establish a European Free Trade Area.  OEEC was renamed as the OECD in 1961 when the USA and Canada joined to reflect a broader membership. The 36 Member Countries consist of Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States. The European Commission participates in the work of the OECD alongside the EU member states.

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