02.09.2026

1. Venezuelan crude is predominantly heavy and sour, whereas a substantial share of the crude produced from the US shale sector is relatively light and sweet.
2. The configuration of several refineries on the US Gulf Coast reflects historical access to heavy crude from countries such as Venezuela, Mexico and Canada.

III. Venezuela's very large proven oil reserves have translated into correspondingly high levels of current oil production because reserve size determines the immediate productive capacity of an oil-producing country.

Which of the following inferences can be drawn from the above statements?

1. A country's domestic crude production profile need not correspond closely with the crude grade most suitable for all of its existing refineries.
2. The economic rationale for importing crude can persist even for a country that is a major producer of crude oil.
3. Possession of large petroleum reserves by a country is sufficient to ensure high current production without requiring comparable investment in production infrastructure.

Select the answer using the code given below:

1. A rise in real GDP indicates an increase in the volume of goods and services produced, after accounting for changes in prices.
2. A faster growth in nominal GDP than in real GDP can occur even when the physical volume of output grows at a relatively lower rate.

III. A higher share of Gross Fixed Capital Formation (GFCF) in GDP, along with an increase in its growth rate, indicates a strengthening of investment demand and productive capacity formation in the economy.

Which of the following inferences can be drawn from the above statements?

1. An increase in real GDP need not imply a proportionate increase in the monetary value of output measured at prevailing prices.
2. Nominal GDP growth can exceed real GDP growth without the difference necessarily representing an equivalent increase in physical production.
3. An increase in GFCF is relevant to assessing the investment component of economic growth, apart from its implications for future productive capacity.

Select the answer using the code given below:

I.Ghepan Lake is a high-altitude glacial lake located in the Lahaul region of Himachal Pradesh.

1. The lake is fed by three hanging glaciers and its expansion has raised concerns regarding the risk of a Glacial Lake Outburst Flood (GLOF).

III.Ghepan Lake is situated in the Eastern Himalayas and drains into the Brahmaputra river system.

Which of the statements given above is/are correct?