QUIZ – 2020: Insights Current Affairs Quiz, 1 March 2021

Solution: a)

What is gross value added?
Put simply, it is a measure of total output and income in the economy. It provides the rupee value for the amount of goods and services produced in an economy after deducting the cost of inputs and raw materials that have gone into the production of those goods and services. It also gives sector-specific picture like what is the growth in an area, industry or sector of an economy.
GVA is sector specific while GDP is calculated by summation of GVA of all sectors of economy with taxes

added and subsidies are deducted.

While GVA gives a picture of the state of economic activity from the producers’ side or supply side, the GDP gives the picture from the consumers’ side or demand perspective. Both measures need not match because of the difference in treatment of net taxes.
A sector-wise breakdown provided by the GVA measure can better help the policymakers to decide which sectors need incentives/stimulus or vice versa.
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Solution: b)

The National Board for Wildlife and Union Ministry of Environment, Forest and Climate Change last month included the caracal, a medium-sized wildcat found in parts of Rajasthan and Gujarat, in the list of critically endangered species. Though not under grave threat in its other habitats, the animal is on the verge of extinction in India, some experts believe.

Besides India, the caracal is found in several dozen countries across Africa, the Middle East, Central and South Asia. While it flourishes in parts of Africa, its numbers in Asia are declining.

The earliest evidence of the caracal in the subcontinent comes from a fossil dating back to the civilisation of the Indus Valley c. 3000-2000 BC, according to a reference in ‘Historical and current extent of occurrence of the Caracal in India’, one of the few published studies on the animal.

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Solution: a)

The UNFCCC was adopted in 1992 at the Rio Earth Summit, which marked the beginning of the international community’s first concerted effort to confront the problem of climate change.

Known also as the Rio Convention, the UNFCCC established a framework for action to stabilise concentrations of greenhouse gases in the earth’s atmosphere.

The UNFCCC entered into force in 1994, and nearly all of the world’s nations—a total of 197 (as of 2020)—have ratified.

The framework sets non-binding limits on greenhouse gas emissions for individual countries and contains no enforcement mechanisms.

Solution: c)

Fiscal Consolidation refers to the policies undertaken by Governments (national and sub-national levels) to reduce their deficits and accumulation of debt stock.

FISCAL CONSOLIDATION is a process where government’s FISCAL health is getting improved and is indicated by reduced FISCAL deficit. Improved tax revenue realization and better aligned expenditure are the components of FISCAL CONSOLIDATION as the FISCAL deficit reaches at a manageable level.

Solution: c)

The Flexitarian Diet is a style of eating that encourages mostly plant-based foods while allowing meat and other animal products in moderation. It’s more flexible than fully vegetarian or vegan diets.