Loading...
UPSC 2024: Consider the following statements: Statement-I: Recently, Venezuela has achieved a rapid recovery from its economic crisis and succeeded in preventing its people from fleeing/emigrating to other countries. Statement-II: Venezuela has the world’s largest oil reserves. 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 explains Statement-I
(b)Both Statement-I and Statement-II are correct, but Statement-II does not explain Statement-I
(c)Statement-I is correct, but Statement-II is incorrect
(d)Statement-I is incorrect, but Statement-II is correct
Attempt This Question
Not attemptedCorrect Answer: (d) Statement-I is incorrect, but Statement-II is correct
Venezuela has not yet recovered from its prolonged economic crisis; UNHCR notes that the outflow of Venezuelan refugees and migrants continued in 2024-25, reaching almost 7.9 million people, so Statement-I is false ([unhcr.org](https://www.unhcr.org/emergencies/venezuela-situation?utm_source=openai)). Venezuela does possess the world’s largest proven crude-oil reserves—about 303 billion barrels in 2023—making Statement-II correct ([eia.gov](https://www.eia.gov/international/content/analysis/countries_long/Venezuela/?utm_source=openai)). Hence only Statement-II is correct (option d).
Related UPSC Questions
More from Business & Economy
2023moderate
Consider the following statements : Statement-I : Switzerland is one of the leading exporters of gold in terms of value. Statement-II : Switzerland ha
2022moderate
Consider the following statements: 1. Vietnam has been one of the fastest growing economies in the world in the recent years. 2. Vietnam is led by a m
2009easy
Which one of the following is not a drug/pharma company ?
Related Current Affairs Topics
2024Books & Authors
Who of the following is the author of the books "The India Way" and "Why Bharat Matters"?
2024Indian Government Schemes & Initiatives
With reference to the ‘Pradhan Mantri Surakshit Matritva Abhiyan’, consider the following statements: 1. This scheme guarantees a minimum package of a
Frequently Asked Questions
What is the correct answer to this UPSC 2024 Current Affairs question?▼
The correct answer is option (d): Statement-I is incorrect, but Statement-II is correct. 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 2024, GS Paper 1, as Question 97. It falls under Current Affairs > Business & Economy.
What is the difficulty level of this UPSC question?▼
This question is rated "easy". It tests basic recall and most well-prepared aspirants should answer it correctly.
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.