Official Answer Key & Detailed Solution
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Correct Answer: Option (C) — 1 and 3 only
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is correct: China accounts for the vast majority of global rare earth production and processing, and around 2010–2012 it imposed export quotas and tariffs, triggering global supply concerns. Statement 2 is incorrect: Rare earth elements are relatively abundant in the Earth's crust and deposits are found in many countries including the USA, India, Brazil, Russia, Vietnam, etc., not solely the four countries listed. Statement 3 is correct: Rare earth metals (like neodymium, dysprosium) are critical components for high-tech electronics, permanent magnets, wind turbines, and defense equipment, driving high global demand.
Statement 2 contains extreme/exclusive phrasing ('are not found in any country'). Eliminating 2 immediately eliminates options (b) and (d).
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