QUIZ – 2020: Insights Current Affairs Quiz, 28 December 2020

Solution: c)

What is the International Court of Justice?

The Court is the principal judicial organ of the United Nations. It was established by the United Nations Charter, which was signed in 1945 in San Francisco (United States), and began work in 1946 in the Peace Palace, The Hague (Netherlands).

The Court, which is composed of 15 judges, has a twofold role: first, to settle, in accordance with international law, legal disputes between States submitted to it by them and, second, to give advisory opinions on legal matters referred to it by duly authorized United Nations organs and specialized agencies.

Who may submit cases to the Court?

Only States are eligible to appear before the Court in contentious cases.

The Court has no jurisdiction to deal with applications from individuals, non-governmental organizations, corporations or any other private entity. It cannot provide them with legal advice or help them in their dealings with national authorities.

However, a State may take up the case of one of its nationals and invoke against another State the wrongs which its national claims to have suffered at the hands of the latter; the dispute then becomes one between States.

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Solution: b)

The London Interbank Offered Rate (LIBOR) is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.

LIBOR, which stands for London Interbank Offered Rate, serves as a globally accepted key benchmark interest rate that indicates borrowing costs between banks. The rate is calculated and published each day by the Intercontinental Exchange (ICE), but due to recent scandals and questions around its validity as a benchmark rate, it is being phased out.

Libor will not be published any more after end-2021, and market participants are strongly encouraged to transition to other risk-free rates.

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Solution: d)

Encryption is the process of encoding messages or information in such a way that only authorized parties can read it.

All messaging services like WhatsApp, Viber, Google Chat, Yahoo messenger use encrypted services. Banks (payment gateways) and e-commerce sites also use encryption to protect financial and private data including passwords.

Encryption is also used to protect data in transit, for example data being transferred via networks (e.g. the Internet, e-commerce), mobile telephones, wireless microphones, wireless intercom systems, Bluetooth devices and bank automatic teller machines.

Solution: b)

Wetlands International is the only global not-for-profit organisation dedicated to the conservation and restoration of wetlands.

Wetlands International’s work ranges from research and community-based field projects to advocacy and engagement with governments, corporate and international policy fora and conventions. Wetlands International works through partnerships and is supported by contributions from an extensive specialist expert network and thousands of volunteers.

Wetlands International promotes the establishment of ecological networks of well-managed, protected wetlands, along the main flyway routes of migratory waterbirds. 

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Solution: d)

Dry ice is the solid form of carbon dioxide. It is used primarily as a cooling agent. Its advantages include lower temperature than that of water ice and not leaving any residue (other than incidental frost from moisture in the atmosphere). It is useful for preserving frozen foods where mechanical cooling is unavailable.

This extreme cold makes the solid dangerous to handle without protection due to burns caused by freezing (frostbite). While generally not very toxic, the outgassing from it can cause hypercapnia (abnormally elevated carbon dioxide levels in the blood) due to buildup in confined locations.

Dry ice can be used to arrest and prevent insect activity in closed containers of grains and grain products, as it displaces oxygen, but does not alter the taste or quality of foods. For the same reason, it can prevent or retard food oils and fats from becoming rancid.

When dry ice is placed in water, sublimation is accelerated, and low-sinking, dense clouds of smoke-like fog are created. This is used in fog machines, at theatres, haunted house attractions, and nightclubs for dramatic effects.

One of the largest mechanical uses of dry ice is blast cleaning.