Consider the following statements : 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. Which of the statements given above is/are correct?

examrobotsa's picture

Submitted by examrobotsa on

Q: 42 (IAS/2016)
Consider the following statements :
1. New Development Bank has been set up by APEC.
2. The headquarters of New Development Bank is in Shanghai.
Which of the statements given above is/are correct?

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,132,61,15,132,24,22

keywords: 

{'new development bank': [0, 0, 0, 1], 'headquarters': [7, 0, 18, 27], 'shanghai': [1, 0, 4, 4], 'apec': [0, 2, 2, 5]}

The New Development Bank (NDB), also known as BRICS Development Bank, is a multilateral development bank established by BRICS states (Brazil, Russia, India, China and South Africa), not APEC (Asia-Pacific Economic Cooperation). So, the first statement is incorrect.

For the second statement, the headquarters of the New Development Bank is indeed in Shanghai, China. Therefore, the second statement is correct.

Thus, from the above explanation it is clear that only statement 2 is correct which makes option 2 the right answer.