World Panorama (UPSC) Part-III

Total Questions: 50

11. With reference to BRIC countries, consider the following statements: [2010]

1. At present, China's GDP is more than the combined GDP of all the three other countries.

2. China's population is more than the combined population of any two other countries.

Which of the statements given above is/are correct?

Correct Answer: (c) Both 1 and 2
Solution:
Item GDP(Sbillions) Population
China4.6671,338,612,968
Brazil1.346191,796,000
Russia1.371141,927,297
India1.2561,189,703,000

12. As regards the use of international food safety standards as reference point for the dispute settlements, which one of the following does WTO collaborate with? [2010]

Correct Answer: (a) Codex Alimentarius Commission
Solution:The Codex Alimentarius (Latin for "food book") is a
collection of internationally recognized standards, codes of practice, guidelines and other recommendations relating to foods, food production and food safety. Its name derives from the Codex Alimentarius Austriacus. Its texts are developed and maintained by the Codex Alimentarius Commission, a body that was established in 1963 by FAO and WHO.

13. Consider the following statements: [2010]

1. The Commonwealth has no charter, treaty or constitution.

2. AU the territories/countries once under the British empire (jurisdiction/rule/mandate) automatically joined the Commonwealth as its members.

Which of the statements given above is/are correct?

Correct Answer: (a) 1 only
Solution:The Commonwealth, or the Commonwealth of Nations, is a group of 53 states, all of which (except for two) were formerly part of the British Empire. The Commonwealth aims to create strong links between rich and poor countries, bringing together a variety of religious faiths and demographics in one institution. Although the group has been criticized for being more symbolic than useful, it has helped to create strong diplomatic ties between its oldest members. The last country to join the Commonwealth was Rwanda in 2009.

14. In the context of bilateral trade negotiations between India and European Union, what is the difference between European Commission' and European Council? [2010]

1. European Commission represents the EU in trade negotiations whereas European Council participates in the legislation of matters pertaining to economic policies of the European Union.

2. European Commission comprises the Heads of State or government of member countries whereas the European Council comprises of the persons nominated by European Parliament.

Which of the statements given above is/are correct?

Correct Answer: (d) Neither 1 nor 2
Solution:The European Commission is the EU's executive body. It represents the interests of the European Union as a whole (not the interests of individual countries). While the European Council has no formal legislative power, it is a strategic body that provides the union with general political directions and priorities, and acts as a collective presidency.
The members of the European Council are the heads of state or government of the 28 EU member states, the European Council President and the President of the European Commission.

15. A "closed economy" is an economy in which? [2011-1]

Correct Answer: (d) Neither exports nor imports take place.
Solution:An economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders.

16. In the context of global oil prices, "Brent crude oil" is frequently referred to in the news. What does this term imply? [2011-1]

1. It is a major classification of crude oil.

2. It is sourced from North sea.

3. It does not contain sulphur.

Which of the statements given above is/are correct?

Correct Answer: (b) 1 and 2 only
Solution:Brent crude is the most traded of all of the oil benchmarks, and is defined as crude mostly drilled from the North Sea oilfields: Brent, Forties, Oseberg and Ekofisk (collectively known as BFOE). This oil type is widely used as it is both sweet and light, making it easy to refine into diesel fuel and gasoline. That, and its relative ease of transporting being produced at sea, makes it so widely traded.

17. Regarding the International Monetary Fund, which one of the following statements is correct? [2011-1]

Correct Answer: (c) It grants loans to only member countries
Solution:IMF is an Inter-Governmental organization that overseas the global financing system by following macro-economic policies of its member countries (187), in particular those with an impact on exchange rate mechanism and balance of payment.

IMF mainly focuses on supervising the international monetary system along with providing credits to the member countries. The functions of the International Monetary Fund can be categorized into three types:

  1. Regulatory functions: IMF functions as a regulatory body and as per the rules of the Articles of Agreement, it also focuses on administering a code of conduct for exchange rate policies and restrictions on payments for current account transactions.
  2. Financial functions: IMF provides financial support and resources to the member countries to meet short term and medium term Balance of Payments (BOP) disequilibrium.
  3. Consultative functions: IMF is a centre for international cooperation for the member countries. It also acts as a source of counsel and technical assistance.

18. Consider the following statements: The price of any currency in international market is decided by the [2012-11]

1. World Bank

2. demand for goods/services provided by the country concerned

3. stability of the government of the concerned country

4. economic potential of the country in question

Which of the statements given above are correct?

Correct Answer: (b) 2 and 3 only
Solution:Price of any currency in international market is determined by the demand for goods/services produced by the country. If the demand for the product is high then the currency would be strong. The current depreciation of the Indian Rupee is due to rising oil prices. The stability of the government of the concerned country has no role to play in determining the prices of a currency.

19. Consider the following countries: [2014-1]

1. Denmark

2. Japan

3. Russian Federation

4. United Kingdom

5. United States of America

Which of the above are the members of the 'Arctic Council'?

Correct Answer: (d) 1, 3 and 5
Solution:

• The Arctic Council is the leading intergovernmental forum promoting cooperation, coordination, and interaction among the Arctic States, Arctic Indigenous Peoples, and other Arctic inhabitants.
• It addresses the concerns related to the Arctic region, including sustainable development and safeguarding the environment in the Arctic region.
• It was formally established in 1996 through the Ottawa Declaration.
• The establishment was preceded by the Arctic Environmental Protection Strategy (June 1991), a declaration on protecting the Arctic environment.
• The eight Arctic States (whose territories fall in the Arctic region) are members of the Arctic Council.
• These are Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden, and the US.

20. Chaitra 1 of the national calendar based on the Saka Era corresponds to which one of the following dates of the Gregorian calendar in a normal year of 365 days? [2014-1]

Correct Answer: (a) 22nd March (or 21st March)
Solution:Chaitra 1 of the national calendar based on the Saka Era corresponds to 22nd March of the Gregorian calendar in a normal year of 355 days and on 21 March in leap year.