Economy (Part-3) (CDS-Solved Paper)

BRICS is  an association of five major  emerging national economies. They are   Brazil, Russia, India, China  and  South Africa.
The grouping was originally known as ‘BRIC’ before the inclusion of South Africa in 2010. Hence, option (b) is correct.

Panchsheel or the five principles of peaceful co-existence were first formally enunciated in India and China.

MERCOSUR is South America’s leading trading bloc, known as the Common Market of the South. It aims to bring about the free movement of goods, capital, services and people among its member states.

Its full members are Argentina, Bolivia, Brazil, Paraguay, Uruguay and Venezuela. Its associate members are Chile, Peru, Columbia and Equador. Hence chile is not a member of MERCOSUR.

When two product’s functions are literally identical so that a consumer is willing to swap for the other at a fixed rate, we call them perfect substitutes. Perfect complementary goods are those which must be consumed with another good.

Giffen good is an inferior product that people consume more of, as the price rises and vice-versa, violating the basic principle of demand in microeconomics.

Veblen good is a good for which the demand increases as the price increases, because of its exclusive nature and appeal as a symbol of status.

Railway Equipment Rail and sleeper bars are manufactured in iron and steel works at Bhilai and wheels, tyres and axles at Durgapur.

Automobile Vehicle factory Jabalpur is a military motor vehicle manufacturing company located in Jabalpur.

Ship Building The major centres of ship building are the Hindustan Shipyard at Visakhapatnam, Mazgaon Docks, Mumbai; Cochin Shipyard and Garden Reach Workshop at Kolkata.

Bicycle Industry Industries are located in Ludhana and Jalandhar in Punjab and Haryana.
Hence option (a) is the correct answer.

As a follow-up to the ‘Make in India’ initiative launched by the Prime Minister, the Ministry of New and Renewable Energy (MNRE) has announced organisation of the First Renewable Energy Global Investors Meet and Expo (RE-INVEST) on 15th-17th February, 2015 in New Delhi.

The central theme of the meet is to attract large-scale investments in the renewable energy sector in India. Hence both the statements are correct.

When there is rise in price of commodity inflation occurs. In that case the value of currency decreases because of decrease in its purchasing power.

Again rise in the price of commodity also indicates that there is rise in the value of commodity which may be due to various reasons (i.e. increase in demand or supply shortage).

Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the infrastructure building in the Asia-Pacific region. The bank currently has 74 members from around the world.
● it started on 16th January, 2016 and is headquartered in Beijing, China.
● India is one of the founding partners of AIIB as it signed and ratified the articles of Agreement. India holds the second highest voting rights in AIIB i.e., 7.65% just behind China with 26.63%.

Vanbandhu Kalyan Yojana is for Tribal Welfare. Under the Scheme centre will provide ₹10 crore for each block for the development of various facilities for the Tribals of States of Andhra Pradesh, Madhya Pradesh, Himachal Pradesh, Telangana, Odisha, Jharkhand, Chhattisgarh, Rajasthan, Maharashtra and Gujarat.

Hence statement (1) is not correct. This Scheme mainly focuse on bridging infrastructural gaps and gap in human development indices between Schedule tribes and other social groups. Hence statement (2) is correct

The WTO’s Agriculture Agreement was negotiated in the 1986-94 Uruguay round and is a significant first step towards fairer competition and a less distorted sector.

WTO member government agreed to improve market access and reduce trade-distoring subsides in agriculture. Hence, option(d) is not true