Revision Series | Economy | Miscellaneous | 7

October 9, 2023

In which year was the WTO dispute settlement system established?

(A) 1996
(B) 1999
(C) 1994
(D) 1995

Show Answer

Answer: d

Which of the following AI chatbots is owned by Meta?

(A) ChatGPT
(B) Llama
(C) Claude
(D) Socatrics

Show Answer

Answer: (b)

Which of the following is/are incorrect regarding the G20?
1. The G20 was formed in the year 1999.
2. Its aim was to secure global financial stability by involving middle-income countries.
Select the answer using the codes:

(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

Show Answer

Answer: (d)

The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
Its aim was to secure global financial stability by involving middle-income countries

Which of the following statements is/are correct?
1. Front running is the practice of purchasing a security based on advanced private information so as to benefit from the subsequent price movement.
2. Insider trading takes advantage of unpublished price-sensitive information to trade in the company’s stock and make profits from such transactions.
Select the answer using the codes:

(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

Show Answer

Answer: (c)

Insider trading is when a company insider, an official, employee or a senior executive, takes advantage of unpublished price-sensitive information (UPSI) to trade in the company’s stock and make profits from such transactions.
Front running is the illegal practice of purchasing a security based on advanced private information so as to benefit from the subsequent price movement.

M.S Swaminathan was elected as President of which international body in 1984?

(A) United Nations Environment Programme
(B) World Health Organization.
(C) Food and Agriculture Organisation
(D) International Union for Conservation of Nature.

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Answer: d

After he was elected president of the International Union for Conservation of Nature (IUCN) in 1984, he emphasised, in his “Personal Manifesto”, that the IUCN must change from a Euro-centric to an Earth-centric organisation.

Which one of the following is correct regarding Global Minimum Corporate Tax?
1. EU members have agreed to implement a minimum tax rate of 15% on big businesses in accordance with the Global Tax Agreement.
2. The Global Tax Agreement was framed by the WTO.
Select the answer using the codes given below:

(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

Show Answer

Answer: a

The EU members have agreed to implement a minimum tax rate of 15% on big businesses in accordance with the Global Tax Agreement framed by the Organisation for Economic Cooperation and Development.
Under the OECD’s plan, Governments will be equipped to impose additional taxes in case companies are found to be paying taxes that are considered too low. This is to ensure that big businesses with global operations do not benefit by domiciling themselves in tax havens in order to save on taxes.

Consider the following statements:
1. RuPay is India’s indigenous payment network.
2. UPI LITE is a new payment solution that leverages a trusted technology to process low-value transactions that have been set at below INR 200.
Select the correct statements using the code given below:

(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

Show Answer

Answer: (c)

RuPay is a product of the National Payments Corporation of India, an umbrella organisation for operating indigenous retail payments and settlement systems in India. RuPay is India’s indigenous payment network.
UPI LITE is a new payment solution that leverages a trusted technology to process low-value transactions that have been set at below INR 200. UPI 123PAY is an instant payment system for feature phone users who can use UPI payment service in a safe and secure manner.

BRICS nations together constitute what percentage of the global GDP?

(A) 18%
(B) 29%
(C) 12%
(D) 36%

Show Answer

Answer: (d)

The GDP of BRICS is now 36% of the global GDP and the population of its members will be 47% of the world population by 2050.

Consider the following statements:
1. Phillips Curve shows the relationship between tax rates and the amount of tax revenue.
2. Higher GINI index indicates greater inequality.
Which of the above given statement(s) is/are correct?

(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

Show Answer

Answer: (b)

Phillips Curve is an economic concept developed by A. W. Phillips argues that inflation and unemployment have an inverse and stable relationship.

Consider the following statements:
1. Barter system suffers from double coincidence of wants.
2. RBI’s CBDC is not legal tender.
Which of the above given statement(s) is/are correct?

(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor

Show Answer

Answer: (a)