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Consider the following statements with reference to G7(Group of seven) countries
  1. Canada, Japan, Italy, UK, USA, France, Germany are the 7 members of this group
  2. The aggregate GDP G7 countries make is more than 50% of world GDP
  3. There are no formal criteria for membership, but all the members are developed countries.
  4. Russia was also the part of group but got suspended following its annexation of Crimea
Which of the above statement/s is/are correct?
  • a)
    1,2 and 3
  • b)
    2,3 and 4
  • c)
    1,3 and 4
  • d)
    All of the above
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements with reference to G7(Group of seven)...
Overview of G7 Countries
The Group of Seven (G7) is an intergovernmental organization consisting of seven of the world's largest advanced economies: Canada, Japan, Italy, the United Kingdom, the United States, France, and Germany. Here’s a breakdown of the statements regarding G7 membership and its economic significance.
Statement 1: Membership Composition
- The G7 is comprised of Canada, Japan, Italy, the UK, the USA, France, and Germany.
- This statement is correct as it accurately lists the current members of the G7.
Statement 2: Aggregate GDP Contribution
- The G7 countries collectively account for more than 50% of the global GDP.
- This statement is accurate; the G7 countries have significant economic clout, making up a substantial portion of the world's economic output.
Statement 3: Membership Criteria
- There are no formal criteria for G7 membership, yet all current members are classified as developed countries.
- This statement holds true. Membership is based on economic strength and political influence, with no official entry requirements.
Statement 4: Russia's Membership
- Russia was indeed a member of the G8 (which included the G7 and Russia) but was suspended in 2014 following its annexation of Crimea.
- This statement is correct and reflects the geopolitical shifts that impacted the G7's composition.
Conclusion
Considering the accuracy of statements 1, 2, 3, and 4, the correct answer to the question is option 'C' (1, 3, and 4). Statement 2 is also accurate, which reinforces the validity of the entire set of statements regarding the G7.
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Community Answer
Consider the following statements with reference to G7(Group of seven)...
The Group of Seven is an intergovernmental organization founded in 1975
  • Statement 1 is correct: Canada, Japan, Italy, UK, USA, France, Germany are the 7 members of this group. The seven countries involved are also the largest IMF-Advanced countries in the world
  • Statement 2 is incorrect: The aggregate GDP G7 countries make around 30% of world GDP
  • Statement 3 is correct: There is no formal criteria for membership, but while creating the group all the members were industrial powerhouse and developed countries.
  • Statement 4 is correct: Russia was also the part of group but got suspended following its annexation of Crimea in 2014 G7 was recently in the news because The United Kingdom has invited the Prime Minister of India to attend the G7 summit to be held in June 2021. Along with India, Australia and South Korea are also invited. Simple trick: Statement 2 cannot be correct because only China and India together contribute around 27% of world GDP. So, from this you can guess that G7 will not make 50% of the world's GDP as all other countries in the world together will definitely make more than 23%
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Consider the following statements with reference to G7(Group of seven) countries Canada, Japan, Italy, UK, USA, France, Germany are the 7 members of this group The aggregate GDP G7 countries make is more than 50% of world GDP There are no formal criteria for membership, but all the members are developed countries. Russia was also the part of group but got suspended following its annexation of CrimeaWhich of the above statement/s is/are correct?a)1,2 and 3b)2,3 and 4c)1,3 and 4d)All of the aboveCorrect answer is option 'C'. Can you explain this answer?
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Consider the following statements with reference to G7(Group of seven) countries Canada, Japan, Italy, UK, USA, France, Germany are the 7 members of this group The aggregate GDP G7 countries make is more than 50% of world GDP There are no formal criteria for membership, but all the members are developed countries. Russia was also the part of group but got suspended following its annexation of CrimeaWhich of the above statement/s is/are correct?a)1,2 and 3b)2,3 and 4c)1,3 and 4d)All of the aboveCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to G7(Group of seven) countries Canada, Japan, Italy, UK, USA, France, Germany are the 7 members of this group The aggregate GDP G7 countries make is more than 50% of world GDP There are no formal criteria for membership, but all the members are developed countries. Russia was also the part of group but got suspended following its annexation of CrimeaWhich of the above statement/s is/are correct?a)1,2 and 3b)2,3 and 4c)1,3 and 4d)All of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to G7(Group of seven) countries Canada, Japan, Italy, UK, USA, France, Germany are the 7 members of this group The aggregate GDP G7 countries make is more than 50% of world GDP There are no formal criteria for membership, but all the members are developed countries. Russia was also the part of group but got suspended following its annexation of CrimeaWhich of the above statement/s is/are correct?a)1,2 and 3b)2,3 and 4c)1,3 and 4d)All of the aboveCorrect answer is option 'C'. Can you explain this answer?.
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