The concept of 'Common but Differentiated Responsibilities' in international environmental law means that:
A. All countries share responsibility for environmental protection but the nature and extent of obligations differ according to capabilities and historical contributions
B. Only developed countries have any responsibility
C. All countries have identical obligations
D. Only developing countries have responsibility
Answer: Option A
Solution (By JKSSB Mock Tests)
The principle of common but differentiated responsibilities recognises that while all states are responsible for addressing global environmental problems, their respective obligations differ according to their capacities and their historical contributions to the problem.
Explanation:
In a liquidity trap, the nominal interest rate is at or near zero and further increases in the money supply are absorbed entirely as idle balances, rendering conventional monetary policy ineffective.
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