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Journalism of Courage
UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Each day, we will cover one new subject. Attempt today’s subject quiz on Economy to check your progress. Come back tomorrow to solve the MCQs on International Relations. Don’t miss checking the answers and explanations at the end of the quiz.
Consider the following statements:
1. India is the world’s largest consumer of crude oil and depends on imports to meet over 85 per cent of its requirement.
2. Crude oil prices rose as a result of OPEC and OPEC+ members cutting crude oil supply.
3. OPEC+ produces around 40 per cent of the world’s crude oil, with Russia as the top producer.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
With reference to the National Investment and Infrastructure Fund (NIIF), consider the following statements:
1. It is a quasi-sovereign wealth fund of India.
2. NIIF and Japan Bank for International Cooperation (JBIC) have launched a $600-million fund to invest in sustainability projects.
Which of the statement(s) given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
With respect to online gaming operators, consider the following statements:
1. Online gaming, casinos and horse racing comes under 18 per cent Goods and Services Tax (GST) on face value at entry level.
2. Operators with registration in Delhi will not be liable to SGST but will be liable to CGST for deposits from customers located in Delhi.
Which of the statement(s) given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
With reference to the National Pension System (NPS), consider the following statements:
1. It is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA).
2. It is mandatorily applicable on all the Central Government employees.
3. All citizens of India aged between 18 – 70 years can join NPS.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Consider the following statements about Non-fungible Tokens (NFTs):
1. NFTs can have multiple owners at a time.
2. NFTs can be traded online using cryptocurrency.
3. It works on blockchain technology and it gives users complete ownership of a digital asset.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
FYI:
— According to an official statement, Puri held talks with OPEC Secretary General Haitham Al-Ghais in Abu Dhabi and called for “balancing global energy markets by ensuring that crude oil prices do not outstrip the paying ability of the consuming countries”.
— India is the world’s third-largest consumer of crude oil and depends on imports to meet over 85 per cent of its requirement. Hence, statement 1 is not correct.
— Oil prices have been unpredictable for some time, but the overall trend has been upward during the last three months. The price increase is the result of a number of interdependent factors:
(i) Production cuts by major oil-producing countries of OPEC and OPEC+ Hence, statement 2 is correct.
(ii) Signs of improved macroeconomic conditions and easing of inflation in major oil consumers like the US
(iii) Global oil demand touching record highs with expectations of further demand expansion.
— OPEC+ is a larger group of major oil-producing nations and includes members of OPEC along with Russia and a few other producers. OPEC+ produces around 40 per cent of the world’s crude oil, with Saudi Arabia as the top producer and Russia in the second spot. Hence, statement 3 is not correct.
Therefore, option (a) is the correct answer.
FYI:
— India’s quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), and the Japan Bank for International Cooperation (JBIC) launched on Wednesday a $600-million fund to invest in sustainability projects. Hence, statement 1 is correct.
— The India-Japan Fund will target investment in sustainable projects in areas such as renewable energy, e-mobility and waste management. Hence, statement 2 is correct.
— The NIIF was launched in 2015 as India’s first state-backed fund. JBIC will contribute 51 per cent of that figure and the rest will be contributed by India.
— It will also look to boost collaboration between Indian and Japanese firms amid an “unstable world situation and problems such as a severed supply chain.
Therefore, option (c) is the correct answer.
FYI:
— Amended legal provisions and rules are set to kick in for online gaming, horse racing and casinos from Sunday (October 1), bringing into effect the 28 per cent tax at face value at entry level under the Goods and Services Tax (GST) regime and mandatory registration for offshore online gaming companies in India. Hence, statement 1 is not correct.
— Gaming companies are mainly located in Bengaluru, Karnataka and Mumbai, Maharashtra and both states have already passed the amendments for casinos, online gaming and horse racing.
— According to industry and tax experts, compliance will be a significant burden for online gambling enterprises. With the recent flurry of letters to these businesses, the transition to the revamped regime is already raising concerns about more legal notices from the GST authorities in the future.
— Operators with registration in Delhi will not be liable to SGST but will be liable to CGST for deposits from customers located in Delhi. However, IGST will be applicable for all deposits from customers located outside Delhi. Hence, statement 2 is correct.
Therefore, option (b) is the correct answer.
FYI:
— Some states, such as Himachal Pradesh, Chhattisgarh are facing this issue as they have a large number of employees whose total years of service is around 10 years, an issue that has also been raised in the discussions of the Centre appointed committee to look into improving the National Pension System (NPS) for government employees.
— The National Pension System (NPS) is being administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA) set up under PFRDA Act, 2013. Hence, statement 1 is correct.
— NPS is a market linked, defined contribution product. Under NPS, a unique Permanent Retirement Account Number (PRAN) is generated and maintained by the Central Recordkeeping Agency (CRA) for individual subscriber.
— This scheme includes Central and State Government Employees. NPS is mandatorily applicable on Central Government employees (except Armed Forces) recruited on or after 01.01.2004. Hence, statement 2 is not correct.
— Companies can adopt NPS for their employees with contribution rates as per the employment conditions.
— The All Citizens Model of the NPS allows all citizens of India aged between 18 – 65 years to join NPS on voluntary basis. Hence, statement 3 is not correct.
Therefore, option (a) is the correct answer.
(Other Source: financialservices.gov.in)
FYI:
— NFTs are defined as anything which can be converted into digital forms like your drawings, photos, videos, GIFs, music, in-game items, selfies, and even a tweet that can be turned into an NFT, which can then be traded online using cryptocurrency. Hence, statement 2 is correct.
— The unique feature of NFTs is that they are backed by blockchain technology. Terra Nulius was the first NFT on Ethereum Blockchain.
— NFTs are gaining massive popularity now because they are becoming an increasingly popular way to showcase and sell your digital artwork.
— NFT works on blockchain as it gives users complete ownership of a digital asset. Hence, statement 3 is correct.
— An NFT is thus created, or as crypto enthusiasts say it is “minted”, to get exclusive ownership rights. NFTs can have only one owner at a time. Hence, statement 1 is not correct.
Therefore, option (b) is the correct answer.
Daily subject-wise quiz — Polity and Governance (Week 26)
Daily Subject-wise quiz — History, Culture, and Social Issues (Week 26)
Daily subject-wise quiz — Environment, Geography, Science and Technology (Week 25)
Daily subject-wise quiz — Economy (Week 25)
Daily subject-wise quiz – International Relations (Week 25)
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