POLL ANSWERS WITH EXPLANATION 02.08.2020

1.) Which of the following is the best description of the term ‘Asian Premium’ often seen in news?

a) It is the money which developed countries agreed to give to the poor countries of Asia to avoid climate change.
b) Extra charges being collected by OPEC countries from Asian countries when selling oil in comparison to Western countries.
c) The total amount of investments Asian Countries received from World Bank in the last decade.
d) The extra amount of FDI Asian Countries received in last few years due to their population and lack of development.

Answer: B

Asian Premium is extra charges being collected by OPEC countries from Asian countries when selling oil in comparison to Western countries. The Asian Premium has its origins in the late 1980s when Saudi Arabia, the de-facto OPEC leader, adopted a marker based price system for its oil exports – West Texas
Intermediate (WTI) for the US, Brent for Europe and Dubai/Oman for Asia. The Asian marker was costlier than the American and European ones, and did not fully reflect market dynamics. This was due to lack of substantial production centers (other than in the Gulf region) and oil derivatives market in Asia. Also Asian countries, dependent heavily on oil imports, were essentially price-takers. In short, the oil exporters used their superior bargaining power to squeeze Asian oil importers while charging less to their American and European customers.

2.) Consider the following about ‘Compact 2025’:

1. It is an initiative for ending hunger and undernutrition by 2025.
2. It has been started by Food Corporation of India (FCI).

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: A

Compact2025 is an initiative for ending hunger and undernutrition by 2025.
STATEMENT 2 is incorrect: It has been started by The International Food Policy Research Institute (IFPRI)
To help countries develop and implement strategic actions for food security and nutrition, Compact2025 employs the following approaches and activities:
• Engaging countries: Compact2025 begins with an initial focus on four countries— Bangladesh, Ethiopia, Malawi, and Rwanda—which seek to accelerate their progress toward ending hunger and undernutrition.
• Stimulating knowledge and innovation: It creating a Knowledge and Innovation (K&I) Hub to provide policymakers and practitioners with pragmatic, evidencebased guidance on scaling up success stories to end hunger and undernutrition.
• Supporting existing initiatives and partnerships

3.) ‘Consumer Confidence Survey’ often seen in the news is released by:

a) NITI Aayog
b) Ministry of Commerce and Industry
c) The Reserve Bank of India
d) Ministry of Consumer Affairs

Answer: C

CONSUMER CONFIDENCE SURVEY
It is released by RBI. The survey seeks responses on households’ perceptions and expectations on the general economic situation, the employment scenario, the overall price situation and their own income and spending.
Recent survey (Dec 2018) was conducted in 13 cities : Ahmedabad; Bengaluru; Bhopal; Chennai; Delhi; Guwahati; Hyderabad; Jaipur; Kolkata; Lucknow; Mumbai; Patna; and Thiruvananthapuram.

4.) Consider the following about ‘Directorate of Revenue Intelligence’:

1. It is the apex anti-money laundering agency of India.
2. It works under the Central Board of Indirect Taxes & Customs, Ministry of Finance, Government of 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: B

STATEMENT 1 is incorrect: The Directorate of Revenue Intelligence is the apex antismuggling agency of India.
STATEMENT 2 is correct: It works under the Central Board of Indirect Taxes & Customs, Ministry of Finance, Government of India.)
It is tasked with detecting and curbing smuggling of contraband, including drug trafficking and illicit international trade in wildlife and environmentally sensitive items, as well as combating commercial frauds related to international trade and evasion of Customs duty.

5.) Consider the following about ‘Export Promotion Council for Handicrafts’:

1. It is a non-profit organisation established under the Companies Act in the year 1986- 87.
2. It is an apex body of handicrafts exporters for promotion of exports of Handicrafts from country.

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

EXPORT PROMOTION COUNCIL FOR HANDICRAFTS
STATEMENT 1 is correct: It is a non-profit Organisation, with an object to promote, support, protect, maintain and increase the export of handicrafts.
STATEMENT 2 is correct: It is an apex body of handicrafts exporters for promotion of exports of Handicrafts from country and projecting India’s image abroad as a reliable supplier of high quality of handicrafts goods & services and ensured various measures keeping in view of observance of international standards and specifications.
Export Promotion Council for Handicrafts (EPCH) was established under the Companies Act in the year 1986-87.

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