Current Affairs MCQs for UPSC & State PSC Exams (16 May 2022)

Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams

Date: 16 May 2022

Q1. Which of the following is/are a part of forex reserves of RBI?

1. Gold
2. Special Drawing Rights
3. Euro
4. Sterling

Choose the correct option:

a) 1 and 2 only
b) 2 and 3 only
c) 1, 2 and 3 only
d) All of these

Answer: (D)

Explanation: The four components of forex reserves are foreign currency assets, gold, special drawing rights and the reserve position in the International Monetary Fund. Foreign Currency Assets are maintained as a multi-currency portfolio comprising major currencies, such as, US dollar, Euro, Pound sterling, Japanese yen, etc. and are valued in terms of US dollars.

Q2. Consider the following statements about World Health Organisation:

1. The World Health Organisation (WHO) is a specialized agency of the United Nations.
2. World Health Assembly is the supreme decision-making body of the World Health Organisation.

Which of the above statements is/ are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither of these

Answer: (C)

Explanation:

  • The World Health Organisation (WHO) is a specialized agency of the United Nations that looks into matters of public health.
  • World Health Assembly is the supreme decision-making body of World Health Organisation.

Q3. Consider the following statements with respect to crude oil:

1. The crude oil which is extracted from the North Sea near Norway, Sweden and UK is benchmarked as WTI while the crude oil extracted in the USA is benchmarked as the Brent Crude prices.
2. WTI Crude oil contains a high percentage of sulphur which is good to extract diesel of good quality
3. Brent Crude is used to make low-sulphur gasoline and low-sulphur diesel. It is lighter due to its lower API gravity and sweeter due to lower sulphur.

Choose the incorrect statements:

a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2, and 3

Answer: (D)

Explanation:

Crude Oil Benchmarks

Brent Crude Oil and WTI (West Texas Intermediate) are benchmarks of crude oil prices at the international level.

  1. Brent Crude Oil Benchmark: Crude oil extracted from the North Sea near Norway and the United Kingdom is sold at the Brent Crude Oil Benchmark. Crude oil of this region contains a high percentage of sulphur which is good to extract diesel of good quality. Two-thirds of the world's crude contracts are signed in this Brent Crude Oil benchmark.
  2. WTI benchmark: Oil of this benchmark is extracted from American oil wells. It is transported through a pipeline and stored in Oklahoma, USA. It is used to make low-sulphur gasoline and low-sulphur diesel. It is lighter due to its lower API gravity and sweeter due to lower sulphur.

Hence, all statements are incorrect.

Q4. Consider the following statements about headline inflation:

1. Headline inflation is calculated using the Wholesale Price Index.
2. It includes commodities that are more volatile and prone to inflationary spikes.

Which of the above statements is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Answer: (B)

Explanation: Headline Inflation: It is a measure of the total inflation within an economy, including commodities such as food and energy prices (e.g., oil and gas), which tend to be much more volatile and prone to inflationary spikes. It is calculated by the consumer price index.

Q5.Consider the following sentences:

1. In 1882, Viceroy Lord Ripon’s resolution of local self-government laid the democratic forms of municipal governance in India.
2. Election Commission of India ensures timely and fair conduct of local body elections.

Which of the above statements are correct?

a. 1 only
b. 2 only
c. Both 1 and 2
d. Neither 1 nor 2

Answer: (A)

Explanation: State Election Commission of India ensures timely and fair conduct of local body elections.