UPSC Daily Quiz | 23 September 2024

Relevance: India's retail inflation rose to 3.65% in August from a five-year low of 3.54%.

Explanation:

• Statement 1 is correct. The Phillips Curve posits an inverse relationship between inflation and unemployment. According to this theory, when unemployment is low, demand for labor increases, leading to wage hikes, which in turn fuel inflation.

• Statement 2 is not correct. During periods of high unemployment, wage growth remains stagnant because there is less demand for labor, leading to lower wage inflation and, consequently, lower overall inflation.

Therefore, option (c) is the correct answer.

Subject: Current Affairs | Economy

Level of Difficulty: Moderate | Factual

Relevance: Recently, the Chief of the Green Climate Fund (GCF) committed to ensuring that vulnerable nations receive the necessary financial support to address climate challenges.

Explanation:

• The Green Climate Fund (GCF) was set up in 2010, at COP 16 held in Cancun, under the United Nations Framework Convention on Climate Change's (UNFCCC’s) financial mechanism to channel funding from developed countries to developing countries to allow them to mitigate climate change and also adapt to disruptions arising from a changing climate. (Hence, statement 1 is not correct)
• GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change.
• The GCF is mandated to direct at least 50% of its adaptation resources to the most climate-vulnerable countries, including LDCs, SIDS, and African States. (Hence, statement 2 is correct)
• The GCF provides investments in various forms, including grants, loans, equity, and guarantees, not just grants. (Hence, statement 3 is correct)

Therefore, option (b) is the correct answer.

Subject: Current Affairs | Environment

Level of Difficulty: Moderate | Factual

Relevance: Recently, the Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme. 

Explanation:

• Bio-RIDE aims to foster research, innovation, and entrepreneurship in biotechnology, positioning India as a global leader in this field.
•  To make India a USD 300 billion bioeconomy by 2030 and achieve the vision of Viksit Bharat 2047.
• The proposed budget for the scheme's implementation is ₹9,197 crore for the 15th Finance Commission period from 2021-22 to 2025-26.

Therefore, option (c) is the correct answer.

Subject: Current Affairs | Schemes

Level of Difficulty: Easy | Factual

Relevance: The United Nations is going to host four major sessions to address key threats to the planet in the year 2024.

Explanation:

• Key threats to the planet include Global warming, disappearing plant and animal species, fertile land turning to desert, and plastic pollution in the oceans, in air and on land.

Upcoming Four Major Sessions:

• Convention on Biological Diversity (CBD COP16): CBD COP16 will be held in Cali, Colombia. The key objective is to assess how countries are advancing towards the 2022 Montreal commitment to protect 30% of the planet’s land and marine areas by 2030. (Hence, pair 1 is not correctly matched)
• UN Framework Convention on Climate Change (UNFCCC COP 29): UNFCCC COP 29 will be held in Baku, Azerbaijan. It aims to finalise agreements on climate finance and improve the quality and scope of financial support. (Hence, pair 2 is not correctly matched)
• United Nations Convention to Combat Desertification (UNCCD COP16): UNCCD COP16 will be held in Riyadh, Saudi Arabia. Discussions will aim to restore 1.5 billion hectares of land by 2030 and manage ongoing droughts affecting various regions. (Hence, pair 3 is correctly matched)
• Plastic Pollution Treaty Negotiations: It will be held in South Korea. The final session of negotiations will focus on creating a global treaty to address plastic pollution. This treaty aims to tackle plastic waste across environments, including oceans, rivers, and land. (Hence, pair 4 is correctly matched)

Therefore, option (b) is the correct answer.

Subject: Current Affairs | Environment

Level of Difficulty: Easy | Factual

Relevance: Recently, the US Food and Drug Administration granted "breakthrough device" status to Elon Musk's Neuralink's Blindsight. 

Explanation:

• Blindsight is an experimental vision-restoring implant. It could help individuals who have lost both eyes and their optic nerve regain vision. 
• It also offers a possibility of vision for those born blind, as long as their visual cortex remains intact.
• Initially, the visual experience will be low resolution, similar to early video game graphics. However, with future advancements, Blindsight could surpass natural vision.
• In addition to restoring sight, the device might enable users to perceive wavelengths outside the visible spectrum, such as infrared, ultraviolet, or radar, giving them superhuman-like vision abilities.

Therefore, option (d) is the correct answer.

Subject: Current Affairs | S&T

Level of Difficulty: Easy | Factual