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UPSC 2023: Consider the following statements : Statement-I : Switzerland is one of the leading exporters of gold in terms of value. Statement-II : Switzerland has the second largest gold reserves in the world. Which one of the following is correct in respect of the above statements?
(a)Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
(b)Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
(c)Statement-I is correct but Statement-II is incorrect
(d)Statement-I is incorrect but Statement-II is correct
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Not attemptedCorrect Answer: (c) Statement-I is correct but Statement-II is incorrect
Switzerland consistently ranks as one of the world’s largest exporters of gold by value because it imports unrefined gold, refines it and re-exports it; therefore Statement I is correct. However, Switzerland’s official gold holdings place it only around 7th globally, so it does not have the world’s second-largest gold reserves, making Statement II incorrect. ([edukemy.com](https://edukemy.com/blog/upsc-prelims-2023-question-paper-with-answer-key-general-studies-paper-1/?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 2023 Current Affairs question?▼
The correct answer is option (c): Statement-I is correct but Statement-II is incorrect. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Business & Economy question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2023, GS Paper 1, as Question 86. It falls under Current Affairs > Business & Economy.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Business & Economy?▼
UPSC has asked 26 questions from Business & Economy (under Current Affairs) across multiple years. Visit the topic page to see the full list and year-wise trends.