IASbaba Daily Prelims Quiz
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The Current Affairs questions are based on sources like ‘The Hindu’, ‘Indian Express’ and ‘PIB’, which are very important sources for UPSC Prelims Exam. The questions are focused on both the concepts and facts. The topics covered here are generally different from what is being covered under ‘Daily Current Affairs/Daily News Analysis (DNA) and Daily Static Quiz’ to avoid duplication. The questions would be published from Monday to Saturday before 2 PM. One should not spend more than 10 minutes on this initiative.
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Question 1 of 5
1. Question
Consider the following statements about the Free Trade Agreement (FTA)
- The primary objective of an FTA is to eliminate or significantly reduce tariffs on goods traded between member countries.
- FTAs typically address issues beyond tariffs, such as services, investment, and intellectual property rights, similar to Comprehensive Economic Partnership Agreements (CEPAs).
- Under an FTA, member countries are required to adopt a common external tariff policy towards non-member countries.
How many of the statements given above are correct?
Correct
Solution (a)
Statement Analysis
Statement 1 Statement 2 Statement 3 correct Incorrect Incorrect - The core aim of an FTA is indeed to reduce or eliminate tariffs on goods traded between member countries.
- While some FTAs can include provisions on services, investment, and intellectual property, this is more characteristic of Comprehensive Economic Partnership Agreements (CEPAs) or broader trade agreements. FTAs primarily focus on goods.
- The adoption of a common external tariff is a feature of a Customs Union, not a Free Trade Agreement.
Context:Recently, the first round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully.
Incorrect
Solution (a)
Statement Analysis
Statement 1 Statement 2 Statement 3 correct Incorrect Incorrect - The core aim of an FTA is indeed to reduce or eliminate tariffs on goods traded between member countries.
- While some FTAs can include provisions on services, investment, and intellectual property, this is more characteristic of Comprehensive Economic Partnership Agreements (CEPAs) or broader trade agreements. FTAs primarily focus on goods.
- The adoption of a common external tariff is a feature of a Customs Union, not a Free Trade Agreement.
Context:Recently, the first round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully.
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Question 2 of 5
2. Question
Consider the following statements about the Equity Derivatives
- Equity derivatives are financial contracts whose value is derived from an underlying equity asset, such as a stock or a stock index.
- Futures and options are common examples of equity derivatives.
- Equity derivatives are primarily used by retail investors for guaranteed high returns with minimal risk.
How many of the statements given above are correct?
Correct
Solution (b)
Statement Analysis
Statement 1 Statement 2 Statement 3 correct correct InCorrect - Equity derivatives indeed derive their value from an underlying equity asset like a stock or index.
- Futures and options are prominent examples of financial contracts classified as equity derivatives
- Equity derivatives are complex instruments and do not guarantee high returns with minimal risk.
Context:Despite tightening of regulations in equity index derivatives, the trading activity of individuals in the segment continues to remain high.
Incorrect
Solution (b)
Statement Analysis
Statement 1 Statement 2 Statement 3 correct correct InCorrect - Equity derivatives indeed derive their value from an underlying equity asset like a stock or index.
- Futures and options are prominent examples of financial contracts classified as equity derivatives
- Equity derivatives are complex instruments and do not guarantee high returns with minimal risk.
Context:Despite tightening of regulations in equity index derivatives, the trading activity of individuals in the segment continues to remain high.
-
Question 3 of 5
3. Question
A multiple fruit, such as a pineapple or a jackfruit, develops from:
Correct
Option b Context:An infructescence of about 4.2 metres has been recorded in a species of wild banana from Andaman and Nicobar islands, making it the longest infructescence recorded in bananas across the world.
Incorrect
Option b Context:An infructescence of about 4.2 metres has been recorded in a species of wild banana from Andaman and Nicobar islands, making it the longest infructescence recorded in bananas across the world.
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Question 4 of 5
4. Question
Consider the following statements about the Asteroid YR4
- Asteroid 2024 YR4 was initially identified as having a significant probability of impacting Earth in December 2032.
- Observations by the James Webb Space Telescope have helped refine the size estimate of Asteroid 2024 YR4 to approximately the size of a 15-story building (around 53-67 meters).
Choose the incorrect statements:
Correct
Solution (d)
Statement Analysis
Statement 1 Statement 2 correct correct - When first discovered in December 2024, initial assessments did indicate a small but non-negligible chance of Asteroid 2024 YR4 impacting Earth in December 2032, causing it to be listed on risk monitoring lists.
- Observations from the James Webb Space Telescope in March 2025 provided more accurate infrared data, leading to a refined size estimate of the asteroid to roughly 53-67 meters, comparable to a 10-15 story building.
Context:NASA has announced that there is the probability of Asteroid YR4 colliding with the Moon by 2032.
Incorrect
Solution (d)
Statement Analysis
Statement 1 Statement 2 correct correct - When first discovered in December 2024, initial assessments did indicate a small but non-negligible chance of Asteroid 2024 YR4 impacting Earth in December 2032, causing it to be listed on risk monitoring lists.
- Observations from the James Webb Space Telescope in March 2025 provided more accurate infrared data, leading to a refined size estimate of the asteroid to roughly 53-67 meters, comparable to a 10-15 story building.
Context:NASA has announced that there is the probability of Asteroid YR4 colliding with the Moon by 2032.
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Question 5 of 5
5. Question
Consider the following statements about the Territorial Army
- The Territorial Army is a part-time voluntary wing of the regular Indian Army, primarily composed of civilians who receive military training to serve during national emergencies or war.
- All citizens of India between the ages of 18 and 42, who are gainfully employed, are eligible to join the Territorial Army.
Choose the correct statements:
Correct
Solution (c)
Statement Analysis
Statement 1 Statement 2 correct correct - The Territorial Army is indeed a part-time voluntary force comprising civilians who undergo military training to assist during emergencies or war.
- The eligibility criteria for joining the Territorial Army generally include Indian citizenship, being between 18 and 42 years of age, and being gainfully employed.
Context:Rule 33 empowers the Central Government to authorize the Chief of the Army Staff (COAS) to call out the Territorial Army (TA).
Incorrect
Solution (c)
Statement Analysis
Statement 1 Statement 2 correct correct - The Territorial Army is indeed a part-time voluntary force comprising civilians who undergo military training to assist during emergencies or war.
- The eligibility criteria for joining the Territorial Army generally include Indian citizenship, being between 18 and 42 years of age, and being gainfully employed.
Context:Rule 33 empowers the Central Government to authorize the Chief of the Army Staff (COAS) to call out the Territorial Army (TA).
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