Consider the following statements and select the correct answer from the code given below: 1. Cuba is known as the 'sugar bowl' of the world 2. Hong Kong is a special Administrative Region of China. 3. U.S.A. is the leading producer of milk in the world. 4. Australia is a Federal Sate. Code:

Statement 1: While Cuba was historically known as the 'sugar bowl' due to its massive sugar production, its output has declined significantly over decades. Countries like Brazil, India, and others now produce far more sugar. Thus, claiming it is the sugar bowl of the world currently is inaccurate. Statement 2: Hong Kong became a Special Administrative Region (SAR) of China in 1997 under the "one country, two systems" principle. This is correct. Statement 3: The United States is consistently ranked as the world's largest producer of milk. This is correct. Statement 4: Australia is officially the Commonwealth of Australia, a federal parliamentary constitutional monarchy. It is a federation, meaning it is a Federal State. This is correct. Since statements 2, 3, and 4 are true, and statement 1 is questionable in the present context, option C (2, 3 and 4 only) is the correct choice among the given options.