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 country's 'Zero-COVID' policy in 2022 caused significant global supply chain disruptions?
Answer:
China
China's strict 'Zero-COVID' policy involved massive lockdowns of manufacturing hubs like Shanghai, which disrupted global manufacturing and shipping schedules throughout 2022.
2
What is 'Shadow Banking'?
Answer:
Financial activities that take place outside the traditional regulated banking system
Shadow banking refers to the system of credit intermediation that involves entities and activities outside the regular banking system (e.g., hedge funds, private equity), which are often less regulated.
3
The collapse of 'Bretton Woods' in 1971 meant the end of:
Answer:
The Gold Standard (convertibility of US dollar to gold)
In 1971, President Nixon ended the direct convertibility of the US dollar to gold, effectively ending the Bretton Woods system of fixed exchange rates.
4
What is 'Circular Economy'?
Answer:
An economic system aimed at eliminating waste and the continual use of resources
A circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products as long as possible.
5
Which event in 2021 highlighted the fragility of global supply chains?
Answer:
The blockage of the Suez Canal by the Ever Given
The grounding of the Ever Given container ship in the Suez Canal in March 2021 blocked a major trade artery for six days, costing billions in delayed trade and highlighting supply chain fragility.
6
The 'BRICS' expansion in 2024 added countries like Iran and UAE to challenge:
Answer:
Western-dominated economic order (G7)
The expansion of BRICS (originally Brazil, Russia, India, China, South Africa) is widely seen as an effort to create a counterweight to Western-dominated global institutions like the G7 and the World Bank.
7
What is a 'Zombie Company'?
Answer:
A company that is earning just enough money to continue operating and service debt but not enough to pay off principal
Zombie companies are indebted businesses that, although generating cash, only have enough funds to pay the interest on their loans, but not the debt itself, often surviving due to low interest rates.
8
The 'Rubel Crisis' of 1998 resulted in the default of which country?
Answer:
Russia
The 1998 Russian financial crisis (also called the Ruble crisis) resulted in the Russian government and Central Bank devaluing the ruble and defaulting on its debt.
9
What is 'De-dollarization'?
Answer:
The process of reducing reliance on the US dollar in global trade and reserves
De-dollarization is the process where countries reduce their reliance on the US dollar as a reserve currency, medium of exchange, or unit of account, often to avoid US sanctions or influence.
10
The 'K-shaped recovery' describes a scenario where:
Answer:
Different parts of the economy recover at different rates (some rise, some fall)
A K-shaped recovery occurs when, following a recession, different parts of the economy recover at different rates, times, or magnitudes. For example, the wealthy might recover quickly while low-wage workers continue to suffer.