1. With reference to the International Monetary Fund (IMF), consider the following statements:

 

  1. It was set up along with the World Bank after the Second World War to reduce poverty by offering assistance to fiscally-poorest countries in the world.

 

  1. Its mandate includes all macroeconomic and financial sector issues that bear on global stability.

 

  1. It annually publishes the World Development Report.

 

Which of the statements given above is/are correct?

 

(a) 1 only

 

(b) 2 and 3 only

 

(c) 2 only

 

(d) 1 and 3 only

 

Explanation:

 

Statement 1 is not correct: The IMF was set up along with the World Bank after the Second World War to assist in the reconstruction of war-ravaged countries.

 

Statement 2 is correct: The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.

 

Statement 3 is not correct: The World Development Report is published by the World Bank.

 

Source: https://www.thehindu.com/business/Economy/imf-chief-warns-of-us-inflation-risk/article35203916.ece

 

  1. Consider the following statements with reference to the Production of Agricultural commodities in India:
  2. The shares of the commodities such as buffalo meat and raw cotton in total agricultural export value have declined during the last few years.

 

  1. The share of basmati rice in total agricultural export value has remained the largest over the last few years.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Explanation:

Statement 1 is correct: The shares of the commodities such as buffalo meat and raw cotton in total agricultural export value have declined during the last few years.

Statement 2 is not correct: The share of marine products in total agricultural export value has remained the largest over the period. Its share in total agricultural export value increased from 14.5 per cent in 2015-16 to close to 19 per cent in 2019-20.

Source: https://www.thehindu.com/news/national/andhra-pradesh/farm-sector-in-state-sees-better-growth-rate-than-national-average/article35203611.ece

https://www.indiabudget.gov.in/economicsurvey/ebook_es2021/files/basic-html/page610.html

 

  1. Recently, the Suez Canal was in the news. It connects which of the following water bodies?

(a) Black sea and Adriatic sea

(b) Mediterranean sea and Aegean sea

 

(c) Baltic sea and Caspian sea

 

(d) Mediterranean Sea and Red Sea

Explanation: Option d is correct:

The Suez Canal is an artificial sea-level waterway running north to south across the Isthmus of Suez in Egypt, to connect the Mediterranean Sea and the Red Sea.

The canal separates the African continent from Asia.

It provides the shortest maritime route between Europe and the lands lying around the Indian and western Pacific oceans.

Source: https://www.thehindu.com/news/international/megaship-heads-out-of-suez-after-egyptdeal/article35201352.ece

 

  1. Which of the following statements is/are correct regarding the Press Trust of India?

 

  1. It is the largest news agency in India.

 

  1. It took over the operations of the Associated Press of India from Reuters before independence of India.

Select the correct answer using the code given below:

(a) 1 only

(b) 2 only

(c) Both 1 and 2

 

(d) Neither 1 nor 2

Explanation:

Statement 1 is correct: The Press Trust of India Ltd., commonly known as PTI, is the largest news agency in India. It is headquartered in New Delhi and is a nonprofit cooperative among more than 500 Indian newspapers and has about 500 full-time employees as of 1 Jan 2020 including about 400 journalists and 500 part time correspondents in most of the district headquarters in the country.

Statement 2 is incorrect: It took over the operations of the Associated Press of India from Reuters in 1948–49. It provides news coverage and information of the region in both English and Hindi.

Source: https://www.thehindu.com/news/national/pti-challenges-new-it-rules-in-delhihc/article35187469.ece

https://www.britannica.com/topic/Press-Trust-of-India

 

  1. With reference to the Indian economy, consider the following statements:

 

  1. Gross Domestic Product is the total value of all finished goods and services produced within a country.

 

  1. Gross Domestic Product is the sum of a country’s Gross Value Added and net of subsidies and taxes in the economy.

Which of the statements given above is/are correct?

(a) 1 only

 

(b) 2 only

 

(c) Both 1 and 2

 

(d) Neither 1 nor 2

Explanation:

Statement 1 is correct: Gross Domestic Product (GDP) is a measure of economic activity in a country. It is the total value of a country’s finished goods and services produced within a country.

Statement 2 is incorrect: Gross Value Added (GVA) is the sum of a country’s GDP and net of subsidies and taxes in the economy.

Source: https://www.thehindu.com/business/fitch-cuts-gdp-growth-estimate-to-10-on-slowerrecovery/article35201770.ece