Question

UPSC Prelims 2024 Question:

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?

1. Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
2. Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
3. Statement-I is correct but Statement-II is incorrect
4. Statement-I is incorrect but Statement-II is correct

Answer (Detailed Solution Below)

Option 4: Statement-I is incorrect but Statement-II is correct

Detailed Solution

Explanation:

The crisis in Venezuela continues to escalate, with no recovery or relief in sigh. More than 7.7 million people have fled Venezuela, seeking food and better living conditions. Venezuela has not achieved a rapid recovery from its economic crisis and has not been successful in preventing its people from fleeing/emigrating to other countries. So, statement 1 is not correct.
According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela is currently the country with the largest proven oil reserves in the world, with an estimated 300 billion barrels of oil. So, statement 2 is correct.

Therefore, option (4) is the correct answer.

Subject: Economics| Foreign Trade and Investment

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