The term ‘West Texas Intermediate’ sometimes found in news, refers to a grade of

1. Crude oil
2. Bullion
3. Rare earth elements
4. Uranium

Explanation

Option (a) is correct

• West Texas Intermediate (WTI) is a grade of crude oil and one of the three main benchmarks in oil pricing, along with Brent and Dubai Crude. WTI is considered a high-quality oil that is relatively easy to refine.

Answer: (a) Crude oil; Difficulty Level: Medium

With reference to the international trade of India at present, which of the following statements is/are correct?

1. India’s merchandise exports are less than its merchandise imports.
2. India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.
3. India’s exports of services are more than its imports of services.
4. India suffers from an overall trade/current account deficit.

Select the correct answer using the code given below:

1. 1 and 2 only
2. 2 and 4 only
3. 3 only
4. 1, 3 and 4 only

Explanation

Answer: (X) Dropped Question.