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Daily UPSC Prelims Current Affairs – August 08, 2022 [Mock Test]
Daily UPSC Prelims Current Affairs – August 08, 2022 [Mock Test]
![Daily UPSC Prelims Current Affairs – August 08, 2022 [Mock Test]](https://i0.wp.com/www.gktoday.in/wp-content/uploads/2022/04/prelims-cover.png?fit=300%2C200&ssl=1)
1. Which of the following countries are member countries of the recently launched Indo-Pacific Economic Framework (IPEF)?
- Fiji
- Malaysia
- India
- Vietnam
Select the correct answer using the codes given below:
[A] Only 3
[B] Only 2 & 3
[C] Only 2, 3 & 4
[D] 1, 2, 3 & 4
Show Answer
Correct Answer: D [1, 2, 3 & 4]
Notes:
The Indo-Pacific Economic Framework (IPEF) was launched by the United States in 2022. Its member countries include Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the United States. All four countries in the question are IPEF members.
2. Consider the following statements regarding Indo-Pacific Economic Framework (IPEF) and Regional Comprehensive Economic Partnership (RCEP):
- Both RCEP and IPEF are free trade agreements.
- IPEF will not pursue tariff liberalisation.
- Advance labour and environment standards are not part of the RCEP.
Which of the above statements is / are correct?
[A] Only 2
[B] Only 1 and 3
[C] Only 2 and 3
[D] Only 3
Show Answer
Correct Answer: C [Only 2 and 3]
Notes:
RCEP is a free trade agreement, but IPEF is not; therefore, statement 1 is incorrect. IPEF does not pursue tariff liberalisation, making statement 2 correct. Statement 3 is also correct, as RCEP does not include advance labour and environment standards. Therefore, only statements 2 and 3 are correct.
3. With respect to the Oxfam report, consider the following statements:
- Covid pandemic has created a new billionaire every 30 hours.
- It called for a one-off “solidarity tax”.
- It called for an annual wealth tax on millionaires of two percent, and five percent for billionaires.
Which of the statements given above are correct?
[A] Only 1 & 2
[B] Only 2 & 3
[C] Only 1 & 3
[D] 1, 2 & 3
Show Answer
Correct Answer: D [1, 2 & 3]
Notes:
- According to the Oxfam, the Covid pandemic has created a new billionaire every 30 hours and now one million people could fall into extreme poverty at the same pace.
- It said it was time to tax the rich to support the less fortunate.
- Oxfam called for a one-off “solidarity tax” on billionaires’ pandemic windfall to support people facing soaring prices as well as fund a “fair and sustainable recovery” from the pandemic.
- It also said it was time to “end crisis profiteering” by rolling out a “temporary excess profit tax” of 90 percent on windfall profits of big corporations.
- Oxfam added that an annual wealth tax on millionaires of two percent, and five percent for billionaires, could generate $2.52 trillion a year.
Originally written on
August 8, 2022
and last modified on
August 8, 2022.
Tags: upsc prelims test series 2023
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