Current Affairs MCQs for UPSC & State PSC Exams (21 December 2022)

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

Date: 21 December 2022

Q1. Consider the following statements:

1. The term nominal gross domestic product refers to the gross domestic product (GDP) evaluated at constant market prices.
2. Nominal GDP differs from real GDP in that the first one doesn't include the changes in prices due to inflation.
3. Growing nominal GDP from year to year may reflect a rise in prices as opposed to growth in the number of goods and services produced.

Which of the statement/s given above is/are correct?

a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) All of the above

Answer: (B)

Explanation:

  • The term nominal gross domestic product refers to the gross domestic product (GDP) evaluated at current market prices. Hence, statement 1 is incorrect.
  • Nominal GDP differs from real GDP in that the first one doesn't include the changes in prices due to inflation.
  • Growing nominal GDP from year to year may reflect a rise in prices as opposed to growth in the number of goods and services produced. Statements 2 and 3 are correct.

Q2. With reference to ‘G77 Group’, consider the following statements:

1. It is the largest intergovernmental organization of developing countries in the United Nations.
2. India is a member of the G-77.
3. It currently has 77 developing countries as members.

Which of the statements given above is/are correct?

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

Answer: (A)

Explanation:

  • G-77 is the largest intergovernmental organization of developing countries in the United Nations. So, statement 1 is correct.
  • India is a member of this group. So, statement 2 is correct.
  • It was established in 1964 by 77 developing countries. The members of G-77 have increased to 134 countries. So, statement 3 is incorrect.

Q3. Consider the following statements regarding the Industrial Policies in India.

1. The 1st Industrial policy of Independent India was formulated in 1948.
2. Last industrial policy was the Industrial Policy of 1991 which opened the door of LPG reforms in India.

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

Answer: (C)

Explanation:

  • The 1st Industrial policy of India was presented by India’s Minister for industries Shyama Prasad Mukherjee in 1948. Thus statement 1 is correct.
  • Last industrial policy was the Industrial Policy of 1991 which opened the door of LPG (Liberalization, Privatization and Globalization) reforms in India. Thus statement 2 is correct.

Q4. Recently, the Climate Change Performance Index 2023 report was released. Consider the following statements regarding it:

1. With India (10th), the United Kingdom (11th), and Germany (16th), only three G20 countries are among the high performers in CCPI 2023.
2. Since no country was strong enough in all index categories to achieve an overall very high rating, thus the top three places i.e. 1-3 are vacant.
3. India’s rank is the best amongst the G 20 countries.

Which of the statement/s given above is/are correct?

a) 1 and 2 only.
b) 1 and 3 only.
c) 2 and 3 only
d) All of the above

Answer: (C)

Explanation:

  • Climate Change Performance Index 2023 report was released recently and India secured 8th position in the index which is 2 positions up from the last edition.
  • With India (8th), the United Kingdom (11th), and Germany (16th), only three G20 countries are among the high performers in CCPI 2023. Hence statement 1 is incorrect.
  • Since no country was strong enough in all index categories to achieve an overall very high rating, thus the top three places i.e. 1-3 are vacant. Hence statement 2 is correct.
  • India’s rank is the best amongst the G 20 countries. Hence statement 3 is correct.

Q5. Consider the following statements regarding Indian goods and merchandise exports-

1. India’s goods exports stood at a valuation of over $400 billion in FY 2021-22.
2. Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme aims to reimburse taxes and duties paid by the exporters which are not covered by any other mechanisms.
3. There is a demand to repeal the RoDTEP scheme by various countries as it violates the WTO trade rules.

Choose the CORRECT answer using the codes given below:

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

Answer: (C)

Explanation:

  • India’s goods exports stood at a valuation of $422 billion in FY 2021-22.
  • It is $130 billion more (a 44.6% increase YoY) than the $291.8 billion recorded in FY 2020-21.

Statement-1 is correct.

  • The objective of the RoDTEP scheme is to reimburse taxes and duties paid by exporters which are not getting exempted or refunded under any other existing mechanism.
  • Taxes and duties included in RoDTEP include value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation.

Statement-2 is correct.

  • The RoDTEP scheme is in line with the WTO rules unlike the Merchandise Export from India Scheme (MEIS) that was found to violate the World Trade Organization Rules.

Statement-3 is incorrect.