Consider the following statements about MERCOSUR:
- MERCOSUR was established in 1991 with Argentina, Brazil, Paraguay, and Uruguay as its founding members.
- Bolivia recently became a full member, while Venezuela’s membership has been suspended since 2016.
- MERCOSUR aims to promote economic integration, free trade, and the movement of goods, services, and people among its members.
How many of the above statements is/are correct?
a) only one
b) only two
c) all three
d) none
Answer: c) all three
Explanation: All statements are correct. MERCOSUR was created in 1991, and Bolivia recently joined as a full member. Venezuela has been suspended since 2016, and the bloc’s primary aim is to promote economic integration and free trade.
Consider the following statements regarding India’s relationship with MERCOSUR:
- India signed a Preferential Trade Agreement (PTA) with MERCOSUR in 2004.
- The PTA allows India to engage in free trade with all MERCOSUR member countries, including Bolivia.
- MERCOSUR’s headquarters is located in Buenos Aires, Argentina.
Which of the above statements is/are correct?
a) 1 only
b) 1 and 2 only
c) 1 and 3 only
d) 1, 2, and 3
Answer: a) 1 only
Explanation: Statement 2 is incorrect because the PTA allows for preferential trade but not full free trade. Statement 3 is incorrect because MERCOSUR’s headquarters is located in Montevideo, Uruguay, not Buenos Aires.
Consider the following statements about MERCOSUR:
- MERCOSUR is an economic and political bloc in Latin America comprising Argentina, Brazil, Paraguay, Uruguay, and Bolivia.
- The bloc was created by signing the Treaty of Montevideo in 1991 to promote the free movement of goods, services, and people among member countries.
- Venezuela has been a full member of MERCOSUR since 2016 and actively participates in its activities.
How many of the above statements is/are correct?
a) only one
b) only two
c) all three
d) none
Answer: a) only one
Explanation: Statement 2 is incorrect because MERCOSUR was created by signing the Treaty of Asuncion in 1991, not the Treaty of Montevideo. Statement 3 is incorrect because Venezuela has been suspended from MERCOSUR since December 1, 2016.
Consider the following statements regarding MERCOSUR:
- India signed a Preferential Trade Agreement (PTA) with MERCOSUR in 2004.
- The official working languages of MERCOSUR are Spanish and Portuguese.
- The headquarters of MERCOSUR is located in Asuncion, Paraguay.
Which of the above statements is/are correct?
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2, and 3
Answer: a) 1 and 2 only
Explanation: Statement 3 is incorrect because the headquarters of MERCOSUR is located in Montevideo, Uruguay, not Asuncion.