World Panorama (UPSC) Part-I

Total Questions: 50

11. Which of the following pairs are correctly matched? [1998]

1. Dow Jones : New York

2. Hang Seng : Seoul

3. FTSE-100 : London

Select the correct answer using the codes given below:

Correct Answer: (d) 1 & 3
Solution:Hang Seng is the stock market of Hong Kong not Seoul Rest 1 and 3 are correctly matched.

12. 'MERCOSUR' consists of group of countries of: [1998]

Correct Answer: (c) Latin America
Solution:

• The Southern Common Market (MERCOSUR for its Spanish initials) is a South American regional economic organization.
• It is the fourth largest integrated market after the European Union (EU), North American Free Trade Agreement (NAFTA), and ASEAN.
• It was created in 1991 by signing the Treaty of Asunción.
• Objective: Free movement of goods, services, capital and people and it became a customs union in January 1995.

Member countries:
• It originally comprised Argentina, Brazil, Paraguay, and Uruguay as its members.
• Bolivia and Venezuela joined it later. (Venezuela has been suspended since December 1, 2016).
• Mercosur also counts Chile, Colombia, Ecuador, Guyana, Peru, and Suriname as associate members.
• Headquarters: Montevideo, Uruguay.
• Its official working languages are Spanish and Portuguese.

Governance of MERCOSUR Group
• Common Market Council: It is the bloc’s highest decision-making body, and provides a high-level forum for coordinating foreign and economic policy.
• The group consists of the foreign and economic ministers of each member state, or their equivalent, and decisions are made by consensus.
• The group’s presidency rotates every six months among its full members.
• India and MERCOSUR: India and MERCOSUR signed a Preferential Trade Agreement (PTA) in 2004

13. The economist who was associated with the WTO draft document is: [1998]

Correct Answer: (a) A.K. Sen
Solution:Amartya sen was associated with WTO draft document.

14. Match List-I with List-II and select the correct answer using the codes given below the lists: [1999]

List-I (Organization)List-II (Function)
A. WTO1. Provides loans to address short-term balance payment problems
B. IDA2. Multilateral trade negotiation body
C. IMF3. Sanction of soft loans
D. IBRD4. Facilitating lending and borrowing for reconstruction and development

Codes:

ABCD
(a)2341
(b)2314
(c)3241
(d)3214
Correct Answer: (b)
Solution:In 1995, the World Trade Organization (WTO) replaced the GATT as the administrative body. A current round of multilateral trade negotiations was conducted in the Doha Development Agenda round. IDA as an agency to provide 'soft-loans' to developing countries, was floated within the Bank under the stewardship of President Eugene Black Historically, the bulk of non-concessional IMF assistance has been provided through SBAs. The SBA is designed to help countries address short-term balance of payments problems. Most of IBRD's lending generally falls under two categories: investment project financing and development policy operations.

15. Consider the following statements about the European Union: [1999]

1. The European Union was known earlier as the European Community

2. The Single European Act (1986) and the Maastricht Treaty were milestones in its formation

3. Citizens of European Union countries enjoy dual citizenship

4. Switzerland is a member of the European Union

Which of the above statements are correct?

Correct Answer: (d) 1, 2 & 3
Solution:• The European Union is a group of 27 countries that operate as a cohesive economic and political block.
• 19 of these countries use EURO as their official currency. 9 EU members (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom) do not use the euro.
• The EU grew out of a desire to form a single European political entity to end centuries of warfare among European countries that culminated with World War II and decimated much of the continent. The European integration was seen as a cure to the excessive nationalism which had devastated the continent.
• The European union has developed an internal single market through a standardized system of laws that apply in all member states in matters, where members have agreed to act as one.

16. Dinar/New Dinar is the currency of: [1999]

Correct Answer: (c) U.A.E
Solution:Currency of U.A.E. is Dinar, Sudan's currency is Sudanese Pound; Yugoslavia's currency is New Dinar Currency of Tunisia is Tunisian Dinar.

17. Which one of the following statements is correct? [1999]

Correct Answer: (b) Kacchativu and Tin Bigha are territories handed over to Sri Lankan and Bangladesh sovereignty respectively by the Government of India
Solution:The Kacchativu Dispute :
A territorial dispute arose in regard to the ownership of a one square mile uninhabited island, called Kacchativu, off the Jaffna coast in the Palk straits. Pilgrims from both India and Sri Lanka used to go to Kacchativu Island every year in the month of March during the four-day St. Anthony's festival for worship at the local Roman Catholic Church. India protested over the presence of Sri Lankan police during the festival in 1968. This caused conflict. Both India and Sri Lanka were keen to avoid a serious situation. The Prime Ministers of India and Sri Lanka met twice and pending a final decision on the issue of island's title, resolved to maintain status quo in and around the island. Neither India nor Sri Lanka would send its policemen in uniform or custom officials, or resort to aerial reconnaissance or naval patrolling of adjacent waters during the St. Anthony's festival. Finally, through a comprehensive agreement India accepted Sri Lanka's ownership of the Kacchativu Island.
The Teen Bigha Corridor is a strip of land formerly belonging to India on the West Bengal-Bangladesh border which has been leased indefinitely to Bangladesh so that it can access its Dehgram-Angalpota enclaves, one of the Indo-Bangladesh enclaves. This Corridor was formally transferred to Bangladesh on June 26, 1992.

18. Which one of the following is known as the "Coffee port" of the world? [2000]

Correct Answer: (b) Santos
Solution:

Santos port Brazil is known as "coffee port" of world.
• It's located in the city of Santos, in the state of São Paulo.
• In 2006, it was the busiest container port in Latin America.
• It has a variety of cargo handling terminals, including for solid and liquid bulk, containers, and general loads.
• Santos is an out port of São Paulo, which is known as the "Coffee Market".
• However, world's largest coffee port is Antwerp in Belgium. Each year, 85,000 tonnes of coffee pass through Antwerp on its way from the growing countries.

19. Gild-edged: [2001]

Correct Answer: (b) market of Government securities
Solution:Gild-edged is the market in government securities guaranteed by the government centre or state. The term means least-risk/best quality by way of least risk of default in repayment of principal and interest.

20. Consider the following organisations: [2001]

1. International Bank for Reconstruction and Development

2. International Finance Corporation

3. International Fund for Agricultural Development

4. International Monetary Fund

Which of these are agencies of the United Nations?

Correct Answer: (d) 1, 2, 3 and 4
Solution:All the Agencies given in the question are the part of the United Nations.