Does nginx have resolve cache?

[aficionado]

I saw the announcement but it looks like  Nginx 1.1.11 isn't still
honoring the DNS ttl or the "valid" parameter at all.

I have 2 related questions to this topic 

1) Is the following configuration correct to get the resolver
"resolving" at least every 5 secs? 

location /mylocation {
	    resolver 127.0.0.4 valid=5s;	
	    set $myserver "myserver:1000";
            proxy_pass   http://$myserver;
            proxy_redirect http://myserver.mydomain.in:8000
https://www.myserver.com;
        }

2)  If I receive 100 request in 50 seconds and have my DNS (127.0.0.4)
returning records with TTL=1. How many request to my DNS should Nginx
perform in that period?

Posted at Nginx Forum: http://forum.nginx.org/read.php?2,219569,220133#msg-220133