{"id":56821,"date":"2018-09-11T11:26:11","date_gmt":"2018-09-11T11:26:11","guid":{"rendered":"https:\/\/www.edristi.in\/?p=56821"},"modified":"2018-09-11T11:26:11","modified_gmt":"2018-09-11T11:26:11","slug":"venezuela-crisis","status":"publish","type":"post","link":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/venezuela-crisis\/","title":{"rendered":"Venezuela Crisis"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Consider the following statements related to Venezuela.<\/strong><\/p>\n<ol style=\"text-align: justify;\">\n<li><strong>According to I.M.F. forecast, inflation rate in Venezuela is expected to be 1 million percent by December 2018.<\/strong><\/li>\n<li><strong>The North American country Venezuela&#8217;s economy is going through a crisis this time.<\/strong><\/li>\n<li><strong>Venezuela&#8217;s economy mainly depends on the export of edible oil.<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>Which of the above statement is\/are correct?<\/strong><br \/>\n<strong>(a) Only 1<\/strong><br \/>\n<strong>(b) Only 2<\/strong><br \/>\n<strong>(c) 1 and 3<\/strong><br \/>\n<strong>(d) 1, 2 and 3<\/strong><br \/>\n<strong>Answer- (a)<\/strong><br \/>\n<strong>Related facts<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>The South American country Venezuela&#8217;s economy is currently undergoing crisis.<\/li>\n<li>Lot of citizens has been forced out of the country due to excessive inflation, power cuts, food and a huge reduction in drugs.<\/li>\n<li>It is important that Venezuela&#8217;s population is approximately 32.4 million, out of which 2.3 million people have left the country since 2014.<\/li>\n<li>On average, prices of goods are doubling every 26 days.<\/li>\n<li>Where inflation rate was 25000% in May 2018, at the end of June it increased to 40000%.<\/li>\n<li>According to a recent study by the National Assembly in Venezuela&#8217;s opposition, the annual inflation rate was 83,000 percent in July 2018.<\/li>\n<li>According to the International Monetary Fund (I.M.F.), the inflation rate in Venezuela is likely to be 1 million (1 million) percent till December 2018.<\/li>\n<li>On the official exchange rate, 1 US dollar is approximately 248,000 Venezuelan Bolivars.<\/li>\n<li>Venezuela&#8217;s economy mainly depends on revenues derived from the export of oil (petroleum). Its oil revenue, 95 percent of its export earnings.<\/li>\n<li>This country is very rich in petroleum reserves.<\/li>\n<li>Venezuela has faced a severe shortage of foreign currency due to a fall in oil prices in 2014.<\/li>\n<li>On August 20, 2018, the government removed five zeros from the old <strong>&#8216;Strong Bolivar&#8217; currency<\/strong> and gave it a new name <strong>&#8216;Sovereign Bolivar&#8217;<\/strong>.<\/li>\n<li>This currency also starts with eight new bank notes <strong>(2, 5, 10, 20, 50, 100, 200 and 500) and two new coins.<\/strong><\/li>\n<li>It is notable that in Venezuela, from the year 2010 (from the reign of Hugo Chavez) the socio-economic and political struggle began, which is also continuing during the reign of current President Nicolas Maduro.<\/li>\n<li>The economy is currently going through the worst phase in the history of Venezuela.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Reference:<\/strong><br \/>\n<a href=\"https:\/\/www.bbc.com\/news\/world-latin-america-36319877\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bbc.com\/news\/world-latin-america-36319877<\/a><br \/>\n<a href=\"https:\/\/www.theguardian.com\/world\/2018\/jul\/25\/venezuela-inflation-crisis-nicolas-maduro\" target=\"_blank\" rel=\"noopener\">https:\/\/www.theguardian.com\/world\/2018\/jul\/25\/venezuela-inflation-crisis-nicolas-maduro<\/a><br \/>\n<a href=\"https:\/\/www.nytimes.com\/2018\/08\/06\/world\/americas\/venezuela-maduro-crisis.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.nytimes.com\/2018\/08\/06\/world\/americas\/venezuela-maduro-crisis.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consider the following statements related to Venezuela. According to I.M.F. forecast, inflation rate in Venezuela is expected to be 1 million percent by December 2018. The North American country Venezuela&#8217;s economy is going through a crisis this time. Venezuela&#8217;s economy mainly depends on the export of edible oil. Which of the above statement is\/are correct? [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":56823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1087],"tags":[2529],"class_list":["post-56821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-intne","tag-international-en"],"_links":{"self":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/56821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/comments?post=56821"}],"version-history":[{"count":0,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/posts\/56821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media\/56823"}],"wp:attachment":[{"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/media?parent=56821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/categories?post=56821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.edristi.in\/hi\/%e0%a4%b9%e0%a5%8b%e0%a4%ae\/wp-json\/wp\/v2\/tags?post=56821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}