General Knowledge MCQs
Topic Notes: General Knowledge
MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
1
Which major global payment system is Russia developing as an alternative to SWIFT?
Answer:
SPFS
SPFS (System for Transfer of Financial Messages) is Russia's domestic equivalent to the SWIFT financial messaging system.
2
The 'loss and damage fund' operationalized at COP28 and funded in 2024 is designed to help:
Answer:
Vulnerable developing nations deal with climate change impacts
The fund provides financial assistance to nations most vulnerable to the adverse effects of climate change.
3
Which country is the largest foreign holder of US Treasury debt (as of 2024)?
Answer:
Japan
Japan remains the largest foreign holder of US government debt, surpassing China.
4
The 'carry trade' unwind in mid-2024 caused global market volatility. This strategy typically involves borrowing in which currency?
Answer:
Japanese Yen
Investors borrow in Japanese Yen (low interest rates) to invest in higher-yielding assets elsewhere. When the Yen strengthened, this trade unwound violently.
5
Which Southeast Asian nation has become a major hub for 'China Plus One' manufacturing strategies in 2024-2025?
Answer:
Vietnam
Vietnam has been the primary beneficiary of companies diversifying supply chains away from China (China Plus One strategy).
6
The 'Global Minimum Tax' deal (Pillar Two), implemented by many nations in 2024-2025, sets a minimum corporate tax rate of:
Answer:
15%
The OECD-led deal ensures that multinational corporations pay a minimum tax rate of 15% in every jurisdiction where they operate.
7
What is the 'middle-income trap' that China is trying to avoid in its 2025 economic planning?
Answer:
Stagnating at a middle-income level without becoming a high-income advanced economy
The middle-income trap occurs when a developing economy loses its competitive edge in cheap labor but hasn't yet developed the innovation to compete with rich nations.
8
Which 'soft commodity' saw record-breaking prices in 2024 due to supply shortages in West Africa?
Answer:
Cocoa
Cocoa prices tripled to historic highs in 2024 due to poor harvests in Ivory Coast and Ghana, impacting global chocolate prices.
9
The US Federal Reserve's 'dual mandate' goals are:
Answer:
Maximum employment and price stability
The Fed is legally mandated to pursue policies that foster maximum employment and stable prices (low inflation).
10
Which global shipping route faced severe disruption in 2024-2025 due to Houthi attacks, raising global freight costs?
Answer:
Red Sea / Suez Canal
Attacks on commercial shipping in the Red Sea forced vessels to divert around Africa, increasing shipping times and costs significantly.