1. Which of the following cabinet committees is not headed by the Prime Minister?

(a) Cabinet Committee on Parliamentary Affairs

(b) Cabinet Committee on Economic Affairs

(c) Cabinet Committee of Political Affairs

(d) The Cabinet Committee on Investment and Growth

 

Explanation: Option (a) is correct

Prime Minister is the head of all committees except Cabinet Committee on Accommodation and Cabinet Committee on Parliamentary Affairs.

 

Defence Minister Rajnath Singh will continue to chair the Cabinet Committee on Parliamentary Affairs.

 

Source:

https://www.thehindu.com/news/national/pm-rejigs-cabinet-panels-nda-allies-largely-ignored/article35293485.ece

https://www.thehindubusinessline.com/news/national/modi-reconstitutes-cabinet-panels/article35305951.ece

 

  1. COVID Vaccine Sputnik V is manufactured by scientists of which country?

(a) Japan

(b) China

(c) Russia

(d) Israel

 

Explanation: Option (c) is correct

The Serum Institute of India (SII) will be producing at least 300 million doses of Sputnik V a year, according to an announcement from Russia’s sovereign wealth fund RDIF on Tuesday. The first batch of the Russian vaccine from its facility is likely to be rolled out in September.

 

The vaccine is not yet approved by the World Health Organization (WHO) and is not part of the global COVAX initiative.

 

Source:

https://www.thehindu.com/business/Industry/serum-institute-to-produce-russias-sputnik-v-vaccine/article35297586.ece

 

  1. Which of the following is/are correct about Consumer Price Index (CPI)?
  2. Price of all goods and services produced in the economy is taken into account while calculating CPI.
  3. Current base year for CPI is 2018-19.

 

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:

Consumer Price Index or CPI as it is commonly called is an index measuring retail inflation in the economy by collecting the change in prices of most common goods and services used by consumers.

 

Statement 1 is correct: Called market basket, CPI is calculated for a fixed list of items (not all) including food, housing, apparel, transportation, electronics, medical care, education, etc. Note that the price data is collected periodically, and thus, the CPI is used to calculate the inflation levels in an economy. This can be further used to compute the cost of living. This also provides insights as to how much a consumer can spend to be on par with the price change.

 

Statement 2 is correct: Base year for CPI is 2012.

 

Source:

https://www.thehindu.com/todays-paper/tp-business/high-fuel-prices-threaten-recovery/article35313404.ece

https://www.financialexpress.com/what-is/consumer-price-index-meaning/1623418/

 

  1. Which of the following best describes “antitrust laws” which have been in the news recently?

(a) Regulations that encourage competition by limiting the market power of any particular firm.

(b) Regulation which restricts powers of the Government to curb citizen’s rights.

(c) A law which is applicable in case of family disputes.

(d) A law which is applicable in case of a member of Parliament takes action which is seen as breaching the trust reposed in him by the Constitution.

 

Explanation: Option (a) is correct

Antitrust laws are regulations that encourage competition by limiting the market power of any particular firm. This often involves ensuring that mergers and acquisitions don't overly concentrate market power or form monopolies, as well as breaking up firms that have become monopolies. Antitrust laws also prevent multiple firms from colluding or forming a cartel to limit competition through practices such as price fixing.

 

Source:

https://www.thehindu.com/sci-tech/technology/google-fined-500-mln-euros-by-frances-antirust-regulator/article35295510.ece

https://www.investopedia.com/terms/a/antitrust.asp

 

  1. Consider the following statements about Bhutan:
  2. Bhutan is a member of SAARC.
  3. Bhutan does not have diplomatic relations with any of the P5 countries.

 

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: SAARC has eight member countries: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.

 

Statement 2 is correct: Bhutan is not keen to establish diplomatic relations with not only China, but any of four other permanent members of the UN Security Council (UNSC) -- US, Russia, France and UK -- commonly referred to as P-5.

 

Source:

https://www.thehindu.com/news/international/bhutan-has-enough-vaccines-says-pm-lotay-tshering/article35293964.ece

https://economictimes.indiatimes.com/news/politics-and-nation/bhutan-doesnt-have-diplomatic-ties-with-any-of-the-5-unsc-permanent-members/articleshow/59601903.cms?from=mdr