Q. Consider the following statements with regarding the law of demand:

1. Veblen goods do not follow the law of demand.
2. Giffen goods follow the law of demand.

#Solution #Samajho #SPR+

Statement 1 is correct and statement 2 is not correct.
◾️ Veblen and Giffen goods are special types of goods which do not follow the law of demand.

◾️ Law of demand states that the consumer's demand for a good is inversely related to the price of that good. Thus as price increases, demand falls.

◾️ For Veblen goods as price increases, demand also increases and vice versa. They are also called Snob Appeal Good. Examples: Diamonds, iPhone, Special Edition Goods, etc.

◾️ For Giffen goods as price increases, demand also increases and vice versa. They are inferior goods without any substitute. Examples: Potatoes, rice jowar, etc.

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https://samajho.com/upsc/more-independent-election-commission-supreme-court-on-the-appointment-of-the-chief-election-commissioner-cec-3rd-march-2023-upsc-daily-editorial-analysis/

More independent Election Commission - Supreme Court on the appointment of the Chief Election Commissioner (CEC) | 3rd March 2023 | UPSC Daily Editorial Analysis

Q. With reference to the different modes of services under the General Agreement on Trade in Services (GATS), consider the following statements:

1. There are a total of four modes of services recognised under it.
2. Mode 1 represents the cross border supply of services.
3. Mode 3 represents cross border commercial presence of a company.

#Solution #Samajho #SPR+

◾️ The World Trade Organisation's General Agreement on Trade in Services came into force in January 1995 as a result of the Uruguay Round discussions. It establishes a framework for controlling services trade, a system for countries to make promises to liberalise services trade, and a process for resolving cross-national disputes.

◾️ Statement 1 is correct. The GATS divides services into four categories: cross-border trade, international consumption, commercial presence, and natural person presence.

◾️ Statement 2 is correct. Mode 1: Cross Border. Distance learning, consultancy, and BPO services are examples of services that cross borders from one country to another.

Statement 3 is correct. Mode 3: Commercial Presence. Services provided by a foreign entity that is commercially pressed in another country, such as banking, hotels, and so on.

Mode 2: Consumption Abroad. Services are made available to foreign consumers within a country, such as tourism, educational students for students, medical treatment, and so on.

Mode 4: Movements of natural persons. This is a foreign national who works as a consultant or employee in another country, delivering services such as a doctor, nurse, IT engineer, and so on.

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Q. RBI’s Forex Reserve includes which of the following?

1. Foreign Currency Assets
2. Indian Rupees
3. Special Drawing Rights
4. Reserve position with the IMF

#Solution #Samajho #SPR+

◾️ Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies, which can include bonds, treasury bills and other government securities.

◾️ India’s Forex Reserve include:
1. Foreign Currency Assets
2. Gold reserves
3. Special Drawing Rights
4. Reserve position with the International Monetary Fund (IMF).

◾️ It needs to be noted that most foreign exchange reserves are held in US dollars.

◾️ Objectives of Holding Forex Reserves:
- Supporting and maintaining confidence in the policies for monetary and exchange rate management.
- Provides the capacity to intervene in support of the national or union currency.
- Limits external vulnerability by maintaining foreign currency liquidity to absorb shocks during times of crisis or when access to borrowing is curtailed.

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Current Affairs padh ke nhi gya tha ChatGPT. 😂


ChatGPT did not prepare Current Affairs last year. 😂

Q. With reference to the Genetic Engineering Appraisal Committee (GEAC), consider the following statements:

1. GEAC is a statutory body established under the Environment Protection Act, 1986.
2. It functions under the Ministry of Science and Technology.

#Solution #Samajho #SPR+

◾️ Statement 1 is correct. The Genetic Engineering Appraisal Committee (GEAC) is a statutory body constituted under the ‘Rules for the Manufacture, Use /Import /Export and Storage of Hazardous Microorganisms/Genetically Engineering Organisms or Cells, 1989’ notified under the Environment (Protection) Act, 1986.

◾️ Statement 2 is is not correct. It functions under the Ministry of Environment, Forests & Climate Change.
The Committee is chaired by the Special Secretary/Additional Secretary of the Ministry of Environment, Forests and Climate Change, GOI. A representative of the Department of Biotechnology is a co-chair.

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Q. Consider the following statements regarding 'Stone Chariot at Hampi':

1. The chariot is a shrine dedicated to Garuda, built inside the Vittala Temple Complex.
2. The chariot was built by King Krishnadevaraya of the Vijayanagara Empire.
3. It is internationally recognized as a world heritage site by UNESCO.

#Solution #Samajho #SPR+

Stone Chariot at Hampi:
▪️The chariot is actually a shrine dedicated to Garuda, built inside the Vittala Temple Complex.
▪️The massive sculpture of Garuda, Lord Vishnu’s escort once was seated atop the chariot but it is empty at the present date.
▪️The Hampi Chariot has earned its name among the other three famous stone chariots in India- One in Konark, Odissa, and the other in Mahabalipuram (Tamil Nadu).
▪️The chariot was built by King Krishnadevaraya of the Vijayanagara Empire during the 16th century, who got fascinated with the Konark Sun temple chariot while fighting a battle in Odisha.
▪️The chariot is meant to represent the beauty and artistic perfection of the Empire.
▪️It has come to have a sacrosanct presence and is internationally recognized as a world heritage site even by the UNESCO.

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Be logical and design your own UPSC strategy based on factors that together as a combination are personal and unique to you.
Some Youtubers will continue to promote such videos as they draw viewership even if it may not be beneficial for students.

https://samajho.com/upsc/the-el-nino-factor-forecasting-the-monsoon-4th-march-2023-upsc-daily-editorial-analysis/

The El Nino factor - Forecasting the monsoon | 4th March 2023 | UPSC Daily Editorial Analysis

Q. Consider the following statements with respect to National Green Tribunal (NGT):

1. NGT is established under Environment Protection Act, 1986.
2. It has vested with powers to hear any matter relating to the Wildlife Protection Act, 1972.
3. The NGT is not bound by the procedure laid down under the Code of Civil Procedure, 1908.