English Quiz for RBI ASSISTANT MAINS |22nd September English Quiz

22/09/2020

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English Quiz for RBI ASSISTANT MAINS

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Directions (1-10).Read the following passage carefully and answer the questions given below it.Certain words have been printed in bold to help you locate them, while answering some of the questions.

Intellectual property (IP) regulation remains an active issue in trade negotiations between the China and the United States. The most straightforward element of the negotiation—US attempts to reduce its trade deficit by persuading China to buy more American goods—gets the publicity.But it’s likely to have less long-term impact than if China would agree to relax Chinese ownership requirements on American firms desiring to do business in that country through business partnerships. Such partnerships, in which Chinese ownership typically is required to be 50 percent, often lead to transfer of intellectual property from the US firm to its Chinese partner and perhaps to other entities.

This is an illustration of a more general issue, whether or not international trade in IP should be regulated.Addressing that question, David Wittenberg presented the argument for the negative when he commented that, “That idea (that government acquires an ownership interest in IP created within its borders) is inimical to our legal and economic system.” Rick Mueller countered this argument. “IP developed in this country is largely a result of public investment augmented by private interest…” Those private interests must be held accountable to a certain level of stewardship, “meaning that they are not allowed to give it away to those with interest counter to our endeavors as a nation.”Others were doubtful that regulation, whether desirable or not, could be effective. As Walter put it, “the pace of many IP developments today far outstrips the ability of governments to develop adequate IP protection in a timely manner.” Edward commented, “Make all the rules you want … if people or countries don’t follow them you’ve wasted your time and shown that the rules don’t matter much… Bottom line: rules need enforcement.”

The current Chinese-US trade negotiation provides a real-life test of these ideas. For example, there have been discussions about China phasing out ownership requirements over time that could reduce the amount of IP transfer as the price of admission for American firms.It raises the questions: How hard should US trade negotiators seek to encourage such a change in Chinese policy? Does IP ownership belong in international trade deals? Unusual attention currently is focused on trade policy, triggered by new tariffs on imports announced by the United States. Nearly all of it involves the trade of manufactured goods.Much less attention is being paid to trade in services, which represent 84 percent of all employment in the US, 80 percent of global spending, and significant positive trade balances for many developed economies.

Regulating trade in manufactured goods like steel and aluminum is a relatively straightforward matter; tariffs are easy to understand and to apply. But trade in intellectual property (IP) is much harder to measure and shape. Unlike manufactured goods, IP can be shared and in a sense multiplied, it is hard to hoard, and it leaks.Intellectual property is created, protected, sold, traded, shared, and stolen on an ongoing basis. When this is done across international borders, it complicates the matter further. That’s why the World Trade Organization’s TRIPS (Trade-Related Aspects of Intellectual Property Rights) agreement was negotiated during the 1986-1994 Uruguay Round, which introduced intellectual property rules into the multilateral trading system for the first time. It provides for minimum standards of protection for IP rights, such as patents, that signers of the agreement agree to maintain. It has provided some protection against thieves.

On the other hand, the argument for protection often centers around national long-term interests. IP transferred to gain access to Chinese markets, for example, can be used for long-term global advantage .It encourages the concentration of trade in the hands of a relatively few world economic powers. It redistributes the fruits from the world’s leaders in innovation to its laggards.

Q1. Out of which of the following are the events that might help US in reducing its trade deficit?

(a)Developing adequate IP protections in a timely manner

(b)Swaying China to buy more American Goods and hence in this way getting the publicity.

(c)Making China relax ownership requirements on American firms desiring to do business in that country through business partnerships

(d) Both (b) and (c)

(e) Both (a) and (b)

Answer & Explanation

Ans.1. (d)

Exp. The answer is given in the first paragraph of the passage itself where it is said that US attempts to reduce its trade deficit by persuading China to buy more American goods—gets the publicity. But it’s likely to have less long-term impact than if China would agree to relax Chinese ownership requirements on American firms desiring to do business in that country through business partnerships.

Q2.What was Rick Mueller’s argument about the intellectual property developed in this country?

(a)IP in the long run should benefit of the world’s inhabitants.

(b)Protection often centers around national long-term interests.

(c)Government acquires an ownership interest in IP created within its borders.

(d)Pace of many IP developments today far outstrips the ability of governments to develop adequate IP protection.

(e)IP is largely a result of public investment augmented by private interest.

Answer & Explanation

Ans2. (e)

Exp. Refer to the second paragraph when David Wittenburg presented the argument of ownership interest in IP created within its borders. Rick Mueller countered his argument by saying that IP developed in this country is largely a result of public investment augmented by private interest. Hence option (e) is the answer.

Q3.What is the criterion that makes US trade negotiators to seek significant change in Chinese policy?

(a)Unusual attention currently is focused on trade policy, triggered by new tariffs on imports announced by the United States.

(b)Intellectual property rules were introduced into the multilateral trading system for the first time.

(c)China phasing out ownership requirements over time that could reduce the amount of IP transfer as the price of admission for American firms.

(d) Both (a) and (b).

(e) Both (b) and (c).

Answer & Explanation

Ans.3. (c)

Exp. In the third paragraph it is given that there have been discussions about China phasing out ownership requirements over time that could reduce the amount of IP transfer as the price of admission for American firms. And then the question is raised in the next line that how hard should US trade negotiators seek to encourage such a change in Chinese policy. Hence option (c) is the right choice.

Q4. Why there is a need to pay attention to trade in services of US?

(a)It represents significant positive trade balances for many developed economies.

(b) It represents 84 percent of all employment in the US and 80 percent of global spending.

(d) Both (a) and (b).

(e) All of these.

Answer & Explanation

Ans.4. (d)

Exp. Refer to the third paragraph of the passage, second last line it is given, “Much less attention is being paid to trade in services, which represent 84 percent of all employment in the US, 80 percent of global spending, and significant positive trade balances for many developed economies.”

Q5.What is the function of World Trade Organization’s TRIPS(Trade-Related Aspects of Intellectual Property Rights)?

(a) Provides for minimum standards of protection for IP rights, such as patents, that signers of the agreement agree to maintain. It has provided some protection against thieves.

(b) To develop adequate IP protection in a timely manner.

(d) Encouraging the concentration of trade in the hands of a relatively few world economic powers.

(e) Resulting in a positive and significant trade balance.

Answer & Explanation

Ans. 5.(a)

Exp. The answer is illustrated in the second last paragraph of the passage where the author is talking about World Trade Organization’s TRIPS and its role. Intellectual property is created, protected, sold, traded, shared, and stolen on an ongoing basis. When this is done across international borders, it complicates the matter further. That’s why the World Trade Organization’s TRIPS (Trade-Related Aspects of Intellectual Property Rights) agreement was negotiated during the 1986-1994 Uruguay Round, which introduced intellectual property rules into the multilateral trading system for the first time. “It provides for minimum standards of protection for IP rights, such as patents, that signers of the agreement agree to maintain. It has provided some protection against thieves.”

Directions (6-8): Choose the word which is most nearly the SAME in meaning to the word given in bold as used in the passage.

Q6.Desirable

(a)Advantageous

(b)Inferior

(c)Unfavourable

(d)Adverse

(e)Troubled

Answer & Explanation

Ans.6. (a)

Exp. Desirable means wished for as being an attractive, useful, or necessary course of action. Hence option (a) is the right choice.

Adverse means preventing success or development; harmful; unfavourable.

Inferior means lower in rank, status, or quality.

Troubled means beset by problems or difficulties.

Q7.Augmented

(a)Insignificant

(b)Undermined

(c)Compress

(d)Demolish

(e)Amalgamated

Answer & Explanation

Ans.7. (e)

Exp. Augmented means incremented. Amalgamated means combined or united to form one organization or structure. Hence this is the word which is most similar to augmented and hence is the right choice.

Undermined means lessened the effectiveness.

Q8.Triggered

(a)Halted

(b)Prompted

(c)Retarded

(d)Defused

(e)Blocked

Answer & Explanation

Ans.8. (b)

Exp. Triggered means provoked. Hence prompted is the most suitable choice.

Halted means stopped.

Retarded means less advanced in mental, physical, or social development than is usual for one’s age.

Defused means deactivated.

Blocked means obstructed or hindered.

Directions (9-10):Choose the word which is OPPOSITE in meaning to the word given in bold as used in the passage.

Q9.Hoard

(a)Reservoir

(b)Disperse

(c)Aggregation

(d)Accumulate

(e)Backlog

Answer & Explanation

Ans.9. (b)

Exp. Hoard means a stock or store of money. Disperse means to distribute or spread over a wide area. which is the opposite of hoard. Hence the answer is option (b).

Reservoir means a population or natural or artificial lake used as a source of water supply.

Aggregation is the formation of a number of things into a cluster.

Backlog means an accumulation of uncompleted work or matters needing to be dealt with.

Q10.Intellecutal

(a)Accommodate

(b)Reconcile

(d)Expert

(e)Creative

Answer & Explanation

Ans.10. (c)

Exp. Intellectual means relating to the intellect; while unreasonable means not guided by or based on good sense. Hence, they are opposite of each other.

Accommodate means (of a building or other area) provide lodging or sufficient space for.

Reconcile means restore friendly relations between.

Creative means relating to or involving the use of the imagination or original ideas to create something.

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