ECO | MCQs

Explanation

Explanation

• • Chairmanship of BRICS for 2021: India

  • Chairmanship of BRICS for 2022: China

  • Chairmanship of BRICS for 2023: South Africa

  • Chairmanship of BRICS for 2024: Russia
• Know everything about BRICS: 
• BRICS founded: June 2009
  
• BRICS Member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates
  
• BRICS total members: 10 
• South Africa joined BRICS: 2010
• BRICS headquarters: Shanghai, China
• BRICS first conference hosted by: Russia (2009) 

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• On Aug 11 2022, Latvia and Latvia withdrew from a cooperation group between China and over a dozen Central and Eastern European countries.

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The 2021 report reflects the depth and disparity of the pandemic’s impact, explores how critical global challenges have been exacerbated and reshaped, and highlights the need to address these risks in a more collaborative way.

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Explanation

Direct Taxes that are directly paid to the government by the taxpayer. It is a tax applied on individuals and To Pool organizations directly by the government e.g. income tax, corporation tax, wealth tax etc.Indirect Taxes are applied on the manufacture or sale of goods and services.

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Deficit financing occurs when a government spends more than its revenue.

It often does so by borrowing or printing additional currency to cover the gap.

This is typically done to stimulate the economy.

Explanation

The three main economic growth indicators are the Consumer Price Index (CPI), Gross Domestic Product (GDP), and Unemployment Figures.

These indicators measure inflation, overall economic output, and job market health, respectively.

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'Laissez-Faire' is an economic principle that advocates for minimal government intervention in the economy.

It allowing businesses to operate freely without state interference.

Explanation

 In early 2022, Sri Lankans started experiencing power cuts and shortages of basics such as fuel.

The rate of inflation rose to 50% a year.

NA23-7-2023