English Quiz for Bank Exams

English Quiz
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Welcome to Mentor for Bank Exams. Here I am sharing English Quiz for Bank Exams. This will help you as a part of your preparation for the bank exams like IBPS PO, IBPS Clerk, IBPS RRB and other competitive exams. Kindly make use of these!!!
Directions (1 – 15): Read the following passage carefully and answer the questions given below it. Certain words have been printed in bold type to help you locate them easily while answering some of the questions.
Globalization, liberalization and free market are some of the most significant modern trends in economy. Most economists in our country seem captivated by the spell of the free market. Consequently nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter, established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing as both normal and having a valuable economic function. In fact, price fixing is normal in all industrialized societies because the industrial system itself provides as an effortless consequence of the own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence a comparatively small number of large firms will be competing for the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors’ charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers. Each large firm will, thus, avoid significant pricecutting, because price-cutting will be prejudicial to the common interest in a stable demand for products. Most economists do not see price-fixing when it occurs because they expect it to be brought about by a number of explicit agreements among large firms; it is not.
Moreover, those economists who argue that allowing the free-market to operate without interference is the most efficient method of establishing prices has not considered the economics of non-socialist countries. Most of these economies employ intentional price-fixing, usually in an overt fashion. Formal price-fixing by cartel and informal price-fixing by agreements covering the members of an industry are commonplace. Were there something peculiarly efficient about the free market and inefficient about price-fixing, the countries that have avoided the first and used the second would have suffered drastically in their economic development. There is no indication that they have. Socialist industry also works within a framework of controlled prices. In the early 1970’s the Soviet Union began to give firms and industries some flexibility in adjusting prices that a more informal evolution has accorded the capitalist system. Economists in the USA have hailed the change as a return to the free market. But the then Soviet firms were not in favour of the prices established by a free-market over which they exercised little influence; rather, Soviet firms acquired some power to fix prices.
1. The author’s primary objective of writing the passage seems to
a) believe the popular belief that the free market helps enhance development of industrial societies
b) advocate that price-fixing is unavoidable and it is beneficial to the economy of any industrialized society
c) explain the methodology of fixing price to stabilize free-market
d) prove that price-fixing and free-market are compatible and mutually beneficial to industrialized societies
e) create awareness among the general public regarding combating price-fixing by large firms
2. Which of the following statements (i), (ii) and/or (iii) is/are TRUE in the context of the information given in the passage? The information in the passage is helpful to
(i) know some of the ways in which prices can be fixed
(ii) identify the products for which pricefixing can be more beneficial
(iii) differentiate between the economics of various countries
a) Only (i)
b) Only (ii)
c) Only (iii)
d) Only (i) and (ii)
e) None of these
3. Considering the literal meaning and connotations of the words used in the passage, the author’s attitude towards “most economists” can best be described as
a) derogatory and antagonistic
b) impartial and unbiased
c) spiteful and envious
d) critical and condescending
e) indifferent
4. The author feels that price fixed by seller seems pernicious because
a) people don’t have faith in large firms
b) people don’t want the Government to fix prices
c) most economists believe that consumers should determine prices
d) most economist believe that no one group should determine prices
e) people do not want to decide prices
5. Which of the following statements is definitely TRUE in the context of the passage? Price-fixing is
a) a profitable result of economic development
b) an inevitable result of the industrial system
c) the joint result of a number of carefully organized decisions
d) a phenomenon uncommon to industrialized societies
e) a result of joint venture of the Government and industry
6. According to the passage, price-fixing in non-socialistic countries is generally
a) intentional and wide spread
b) illegitimate but beneficial
c) conservative and inflexible
d) legitimate and innovative
e) conservative and scare
7. What was the result of the then Soviet Union’s change in its economic policy in the 1970’s?
a) They showed greater profits
b) They has less control over the freemarket
c) They were able to adjust to technoadvancement
d) They acquired some authority to fix prices
e) They became more responsive to freemarket
8. The author’s primary concern seems to
a) summarize conflicting view points
b) make people aware of recent discoveries
c) criticise a point of view
d) predict the probable results of a practice
e) prepare a research proposal
9. Which of the following statements about the Socialist industry is/are false ?
(i) It works under certain price restrictions
(ii) It has no authority to determine prices
(iii) It hails the strategy of price fixing as a major deviation
a) Only (i) is false
b) Only (ii) is false
c) Only (iii) is false
d) (i) and (ii) are false
e) (ii) and (iii) are false
Directions (10 – 12): Choose the word which is most OPPOSITE in meaning to the word given in bold as used in the passage.
10. Pernicious
a) harmful
b) deadly
c) promotive
d) extravagant
e) impracticable
11. Captivated
a) repelled
b) seized
c) tamed
d) enchanted
e) unlocked
12. Overt
a) unambiguous
b) concealed
c) manifest
d) inexplicable
e) obvious
Directions (13 – 15): Choose the word which is most nearly the SAME in meaning to the word given in bold as used in the passage.
13. Stable
a) uniform
b) fluctuating
c) permanent
d) restored
e) unvarying
14. Explicit
a) clean
b) implied
c) obvious
d) specifically
e) unambiguous
15. Advocates
a) lawyers
b) experts
c) recommends
d) supporters
e) loyalist
Answers:
1)a   2)a   3)d   4)c   5)b   6)a   7)d   8)c   9)b   10)a   11)d   12)c   13)e   14)e   15)d
Explanations:
1. A) The author does not seem fully convinced of the effectiveness of the free market.
4. C) Refer “....other than the aggregate of consumers...”
5. B) Refer “...price fixing is normal in all industrial societies.....”
6. A) Refer the second sentence of the second paragraph.
7. D) Refer the last sentence of the passage.
8. C) The author raises doubt about operation of free-market in view of price-fixing.
9. B) If there is ‘controlled prices’, industry will have no power to determine prices.