Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams
Date: 25 May 2023
Q1. Consider the following statements about Stagflation:
1. Stagflation refers to a specific economic phenomenon
characterized by a simultaneous increase in inflation, a decline in output, and
a rise in unemployment.
2. During periods of stagflation, it is common to observe an increase in real
incomes as wages struggle to keep pace with the rising prices.
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
Answer: (A)
Explanation:
- Stagflation refers to a specific economic phenomenon characterized by a simultaneous increase in inflation, a decline in output, and a rise in unemployment. (Hence statement 1 is correct).
- During periods of stagflation, it is common to observe a decrease in real incomes as wages struggle to keep pace with the rising prices. (Hence statement 2 is incorrect).
- This economic situation is often triggered by a surge in commodity prices, particularly oil, as seen in the stagflation of the 1970s when oil prices tripled. A similar scenario occurred in 2008 following the global recession and the spike in oil prices.
As only the 1st statement is correct, the correct option is (A).
Q2. With reference to the process of a review petition in the Supreme Court of India, consider the following statements:
1. A review petition can be filed by any aggrieved person,
including parties to the case, seeking a review of a judgment or order delivered
by the Supreme Court.
2. A review petition can be entertained by the Supreme Court if there is a
discovery of new evidence that was not within the knowledge of the petitioner at
the time of the original judgment.
3. A review petition must be filed within 60 days of the date of judgment or
order.
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 only
Answer: (A)
Explanation:
- According to the Civil Procedure Code and the Supreme Court Rules, any person aggrieved by a ruling can seek a review, and it is not necessary to be a party to the case. Thus, statement 1 is correct.
- The discovery of new and important matters or evidence that was not within the petitioner's knowledge or could not be produced by them, despite exercising due diligence, can be a ground for the review petition. Thus, statement 2 is correct.
- As per the Supreme Court's rules, a review petition must be filed within 30 days of the date of judgment or order. Thus, statement 3 is incorrect.
Thus, option (a) is the correct answer.
Q3. Consider the following statements about BRICS:
1. The 2023 edition of the BRICS summit is slated to take
place in August 2023 in China.
2. 14th Summit of BRICS took place on 23rd and 24th June 2022. South Africa was
the host of the Summit.
Which of the statement/s given above is/are Not correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: (C)
Explanation:
- 14th Summit of BRICS took place on 23rd and 24th June 2022. China was the host of the XIV BRICS Summit. (Option 2 is incorrect).
- The 2023 edition of the BRICS summit is slated to take place in August 2023 in South Africa. (Option 1 is incorrect).
As both the statements are incorrect, the correct option is (c).
