Daily Current Affairs Prelims Quiz 13-10-2021 - (Online Prelims Test)
1) Which of the following conducts are commonly identified as an activitiy of Cartel?
Bid-Rigging
Output Restrictions
Harmony in Price-Fixing
Market sharing by territory
Select the correct answer using the codes given below:
a.
b.
c.
d.
Answer : d
According to ICN, four categories of conduct are commonly identified across jurisdictions.
Price-fixing
Output restrictions
Market allocation
Bid-rigging
2) Match the following:
Types of Plastics – Applications
Polypropylene – a. Bottles, Carry bags, Recycling bins
Polyethylene Terephthalate – b. CD covers, cassette boxes
Polystyrene – c. Bottle caps, Auto parts and Industrial fibres
Poly-Vinyl Chloride – d. Pipes, Hoses, Wire cable insulations
Select the correct answer using the codes given below:
a.
b.
c.
d.
Answer : c
3) Which of the following best describes the term Circular Economy?
a.
b.
c.
d.
Answer : a
Background
Since the second industrial revolution, our economy has been linear, working on take-make-use-dispose principles.
On the one hand, this has resulted in increased economic benefits and prosperity, but on the other hand, it has also led to the overuse of resources by promoting a ‘use-and-throw’ approach.
According to the Circular Gap Report 2021, 100 billion tonnes of different materials enter the Earth every year.
This model not only leads to environment degradation and resource depletion, but it also increases the cost of products by disturbing the material supply system.
This results from fluctuating raw material prices, low materials availability, geopolitical dependence on different materials and increasing demand.
To address this issue, we need to focus on resource efficiency by adopting a circular economy.
Circular Economy
The circular economy is defined as an alternative to the linear ‘take-make-waste’ approach.
It seeks to design out waste, regenerate natural ecosystems and keep materials and products in use for as long as possible.
To this end, resources are not consumed and discarded, destroying their value.
Rather, their value is retained by reusing, repairing, remanufacturing or recycling.
Adopting a circular economy results in extended life of products and assets by recycling/ upcycling end-of -life products and closing the loop.
4) Match the following:
Types of Wastes – Classification
Glass bottles & Worn out shoes – Hazardous Household Waste
Paper & Old Clothes – Municipal Dry Waste
Used Sanitary napkins – Biomedical Waste
Kitchen & Uncooked waste – Biodegradable Municipal Waste
Which of the pairs given above are correct?
a.
b.
c.
d.
Answer : a
5) Consider the following statements with respect to the European Court of Justice (ECJ)
It is the supreme court of the European Union (EU) in matters of the EU law
It was founded in 1952 after the Treaty of Paris.
In terms of hierarchy, the national courts of member countries are below the ECJ in matters of EU law.
Which of the statements given above are correct?
a.
b.
c.
d.
Answer : d
Polexit
A Polish court in its ruling rejected the primacy of EU law over Polish national legislation in certain matters.
Ruling of the Poland’s Constitutional Tribunal - Some articles of one of the EU’s primary treaties were not compatible with the Polish Law.
EU law should not have primacy over every national legislation in Poland.
Polish Judges should not use EU law to question their peers.
European Court of Justice (ECJ)
The ECJ is the supreme court of the European Union (EU) in matters of the EU law.
It is a part of the Court of Justice of the European Union (CJEU).
The Luxembourg-based court was found in 1952 after the Treaty of Paris.
It ensures that EU law is interpreted and applied the same in every EU country, and that the countries and EU institutions abide by the EU law.
It settles the legal disputes between national governments and EU institutions.
In terms of hierarchy, the national courts of member countries are below the ECJ in matters of EU law.
