Daily Quiz 21 September 2024

Answer: B

Explanation:

• Statement 1 is incorrect: GCF is the world’s largest fund dedicated to helping developing countries fight climate change. At COP 16 held in Cancun, Parties established the Green Climate Fund (GCF) as an operating entity of the Financial Mechanism of the Convention. (in 2010 by the United Nations Framework Convention on Climate Change (UNFCCC).
• Statement 2 is correct: GCF is mandated to invest 50% of its resources to mitigation and 50% to adaptation in grant equivalent. At least half of its adaptation resources must be invested in the most climate vulnerable countries (SIDS, LDCs, and African States). GCF aims to leverage synergies and minimize potential trade-offs between adaptation and mitigation.
• Statement 3 is correct: GCF operates through a network of over 200 Accredited Entities and delivery partners who work directly with developing countries for project design and implementation. A core GCF principle is to follow a country-driven approach, which means that developing countries lead GCF programming and implementation. Country ownership of GCF financing decisions enables developing countries to turn NDC ambitions into climate action. GCF’s country-driven approach is underpinned by capacity-building support through its Readiness Programme that is available to all developing countries.

Additional Information: Azerbaijan, which is going to host the 29th Conference of Parties (COP) of the United Nations Framework Convention on Climate Change has announced a new fund called the ‘Climate Finance Action Fund’. Recently the Green Climate Fund (GCF) chief started a mission to help vulnerable nations that have not received a penny from the world’s largest dedicated source of climate finance. It has identified 19 such climate-vulnerable nations.

Answer: C

Explanation:

Option (c) is correct: Recently the Union government has slashed windfall tax on domestically produced crude oil to ‘Zerol’ per tonne with effect from September 18. It refers to higher tax levied by the government on specific industries when the industry experiences unexpected and above-average profits. These could be due to various global and geopolitical events which are outside the control of the industry. Windfall refers to a dramatic and unanticipated increase in profits. On the other hand, Tax implies an imposition levied on this dramatic income growth. In India it is imposed as a Special Additional Excise Duty (SAED) on crude oil production and exports of diesel, petrol and aviation turbine fuel (ATF). A wealth tax is a levy on the total value of a person’s assets, as opposed to taxes on their income, real estate, or asset sales. The octroi duty is a tax paid on certain categories of commodities as they enter the territory by a local government unit, usually the commune or municipal authority. Angel tax is a tax imposed on Indian startups by section 56(2)(viib) of the Income Tax Act, which has been abolished from FY 2025-26 to boost the startup ecosystem.

Answer: B

Explanation: 

• Option (b) is correct: Impacts of U.S. Federal Reserve’s Interest Rate Cuts on Global Markets:
• Strengthens Global Investment: Lower U.S. interest rates make U.S. assets less attractive, leading to increased investment in emerging markets.
• Bond Markets: The anticipated Fed rate cut is expected to benefit the global bond market. Bond Yields will fall in the USA due to increased interest rates.
• Weakens U.S. Dollar: Rate cuts often lead to a depreciation of the U.S. dollar, impacting global trade balances and exchange rates.
• Impacts Commodity Prices: A weaker U.S. dollar can lead to higher prices for commodities like oil and gold, as they are generally priced in dollars.
• Impact on India: When the Fed cuts its policy rates, the difference between the interest rates of the US and the other country could widen. This makes countries such as India more attractive for the currency carry trade. The lower the rate in the US, the higher the arbitrage opportunity.
• Capital Inflows: A lower US rate could boost foreign investment into India, strengthening the currency and equity markets.

Trade and Growth: Enhanced US economic growth could improve demand for Indian exports, supporting the country’s growth trajectory.

Answer: C

Explanation: A spree of simultaneous detonations of pagers across Lebanon killed eight people and injured around 2,750.

Statements (a), (b) and (d) are correct while statement (c) is incorrect: A pager, also known as a beeper, is a small, portable electronic device designed for receiving and, in some cases, sending short messages or alerts. The basic operation of the device includes receiving and sending messages. Most pagers receive messages via radio frequencies from a base station or a central dispatch. These messages can be numeric (e.g., a phone number) or alphanumeric (text). The device then displays the message to alert the user. Alphanumeric pagers can display both letters and numbers, allowing for more detailed messages, including short text communications. Pagers generally have a larger coverage area compared to early mobile phones, especially in remote areas where cellular signals might be weak and hence they are reliable. They are simple electronic straightforward devices with minimal features, making them easy to use and less prone to technical issues. One-way pagers are generally untraceable because there is no signal transmission to the base station that sends the signal in the first place. Pagers generally have a long battery life compared to mobile phones, often lasting several days on a single charge. They are hence used in some specific industries, such as healthcare and emergency services, due to their reliability, long battery life, and ability to function in areas with poor cellular coverage

Answer: D

Explanation:

• Option (d) is correct: Precision agriculture (PA) is a farming management concept based on observing, measuring and responding to inter- and intra-field variability in crops. PA is also sometimes referred to as precision farming, satellite agriculture, as-needed farming and site-specific crop management (SSCM). Precision agriculture uses technology to increase agricultural productivity and efficiency while reducing environmental impact. Some of the most popular applications for precision agriculture today include:
• Agricultural mapping and field scouting.Drones equipped with cameras can create high-resolution maps of fields. This data can identify problem areas, track crops and assess yield potential.
• Soil sampling and analysis.Mobile apps can collect data about soil type, fertility, moisture content, and more. This information can decide about irrigation, fertilization and other aspects of crop management.
• Weather monitoring.Hyperlocal weather data can help users decide when to plant, how much water to give crops and when to harvest.
• Labor management.GPS-enabled mobile apps can track the location and activity of workers in the field. This data can optimize workflows and ensure that tasks are completed efficiently.
• Equipment management.Agricultural equipment is expensive, and precision agriculture can help farmers keep track of their equipment, schedule maintenance and plan for repairs.

Additonal Information: The Union Ministry of Agriculture is planning to launch a Smart Precision Horticulture Programme under the existing Mission for Integrated Development of Horticulture (MIDH) scheme.