MISSION BANKING 2023 English Language Quiz
English Language is a part of almost all major competitive exams in the country and is perhaps the most scoring section also. Aspirants who regularly practice questions have a good chance of scoring well in the English Language Section. So here we are providing you with the MISSION BANKING 2023 English Language Quiz to help you prepare better. This MISSION BANKING 2023 English Language Quiz includes all of the most recent pattern-based questions, as well as Previous Year Questions. This MISSION BANKING 2023 English Language Quiz is available to you at no cost. Candidates will be provided with a detailed explanation of each question in this MISSION BANKING 2023 English Language Quiz. Candidates must practice this MISSION BANKING 2023 English Language Quiz to achieve a good score in the English Language Section.
MISSION BANKING 2023 English Language Quiz – 17
English Language is a part of almost all major competitive exams in the country and is perhaps the most scoring section also. Aspirants who regularly practice questions have a good chance of scoring well in the English Language Section. So here we are providing you with the MISSION BANKING 2023 English Language Quiz to help you prepare better. This MISSION BANKING 2023 English Language Quiz includes all of the most recent pattern-based questions, as well as Previous Year Questions. This MISSION BANKING 2023 English Language Quiz is available to you at no cost. Candidates will be provided with a detailed explanation of each question in this MISSION BANKING 2023 English Language Quiz. Candidates must practice this MISSION BANKING 2023 English Language Quiz to achieve a good score in the English Language Section.
Directions (1-7): Read the following passage carefully and answer the questions given below it. Certain words are given in bold to help you locate them while answering some of the questions.
Welfare economics is branch of economics that uses microeconomic techniques to simultaneously determine the allocation efficiency of a macro economy and the income distribution consequences associated with it. It attempts to maximize the level of social welfare by examining the economic activities of the individuals that comprise society. Welfare economics is concerned with the welfare of individuals, as opposed to groups, communities, or societies because it assumes that the individual is the basic unit of measurement. It also assumes that individuals are the best judges or their own welfare, that people will prefer greater welfare to less welfare can be adequately measured either in dollars (or some other unit of currency) or as relative preference.
Social welfare refers to the overall utilitarian state of society. It is often defined as the summation of the welfare of the entire individual in the society. Welfare can be measured either cardinally in terms of dollars or “utils”, or measured ordinally in terms of relative utility. The cardinal method is seldom used today because of aggregation problems that make the accuracy of the method doubtful. There are two sides to welfare economics: economic efficiency and income distribution. Economic efficiency is largely positive and deals with the “Size of the pie”. Income distribution is much more normative and deals with “dividing up the pie”.
There are two approaches that can be taken to welfare economics: the Neo-classical approach and the new welfare economics approach. The Neo-classical approach was developed by Pigou, Bentham, Sidwich, Edgeworth, and Marshal. It assumes that utility is cardinal and that additional utils provide smaller and smaller increase in utility (diminishing marginal utility). It further assumes that all individuals have similar utility functions; therefore it is meaningful to compare one individual’s utility to another’s. Because of this assumption, it is possible to construct a social welfare function simply by summing all the individual utility functions.
The New welfare economics approach is based on the work of Pareto, Hicks, and Kaldor. It explicitly recognizes the differences between the efficiency part of the disciplines and the distribution part and treats them differently. Questions of efficiency are assessed with criteria such as Pareto efficiency and the Kaldor-Hicks compensation tests, while questions of income distribution are covered in social welfare function specification. Further, efficiency need not require cardinal measures of utility: ordinal utility is adequate of this analysis. Most economics use Pareto efficiency as their efficiency goal. According to this measure of social welfare, a situation is optimal only if no individuals can be made better off without making someone else worse off.
This ideal state of affairs can only come about if four criteria are met. The first criterion is that the marginal rates of substitution in consumption must be identical for all consumers. The second one is that the marginal rate of transformation in production must be identical for all products. The Third one says that the marginal resource cost must equal the marginal revenue product for all production processes and the last one is that the marginal rates of substitution in consumption must be equal to the marginal rates of transformation in production.
There are a number of conditions that, most economists agree, may lead to inefficiency. They include: imperfect market structure (such as monopoly, monophony, oligopoly, oligopsony, and monopolistic competition), factor allocation inefficiencies, market failure and externalities, price discrimination, long run declining average costs, and certain types of taxes and tariffs.
To determine whether an activity is moving the economy towards Pareto efficiency two compensation tests have been developed. Any change usually makes some people better off while making others worse off, so these tests ask what would happen if the winners were to compensate the losers. Using the Kaldor criterion, an activity will contribute to Pareto optimality if the maximum amount the gainers are prepared to pay is greater than the minimum amount that the losers are prepared to accept. Under the Hicks Criterion, an activity will contribute to Pareto optimality if the maximum amount the losers are prepared to offer to the gainers in the order to prevent the change is less than the minimum amount the gainers are prepared to accept as a bribe to forgo the change. The Hicks compensation test is from the losers’ point of view, while the Kaldor compensation test is from the gainers point of view. If both conditions are satisfied, both gainers and losers will agree that the proposed activity will move the economy toward Pareto Optimality. This is referred to as Kalor-Hicks efficiency or the Scitovsky criterion.
- In the Neo-classical approach to welfare economics, the hypothesis that helps derive a social welfare function is that:
(a) All individuals have similar utility functions.
(b) There is no difference in the consumption pattern of any two individuals.
(c) The satisfaction derived from each additional utility decreases.
(d) No two individuals have similar levels of satisfaction.
(e) There exist different levels of satisfaction
- In the field of welfare economics, the focus is on:
(a) The common man.
(b) An individual
(c) The society.
(d) Income distribution patterns.
(e) A combination of things
3.The Statement that is NOT TRUE as per the passage is:
(a) Man is assumed to be rational in the field of welfare economics.
(b) Welfare is mostly measured by the ordinal method now.
(c) The scope of welfare economics includes both macro and micro economics.
(d) Economic efficiency indicates how the welfare activities are spread across the income strata of a society
(e) None of these
- The statement that is NOT relevant is case of Pareto efficiency is:
(a) In case there is no change in the number of people who benefit from an activity then it is said to be optimal.
(b) Kaldor criterion test and the Hicks criterion test determine if an activity results in the situation of winners and losers.
(c) It is that level of efficiency where, no one is negatively affected in the process of bettering another individual.
(d) It is a measure of social welfare as considered ideal by most economists.
(e) None of these
- Which of the following options is not a criteria to ensure an ‘ideal state of affairs’?
(a)Marginal rates of substitution in consumption must be identical for all consumers.
(b)The marginal rate of transformation in production must be identical for all products
(c) The marginal resource cost must equal the marginal revenue product for all production processes
(d)Marginal rates of substitution in consumption must be equal to the marginal rates of transformation
(e) Marginal rates of substitution in consumption must be equal to marginal revenue.
Directions (6-7): Choose the word/group of words which is MOST SIMILAR in meaning to the word/group of words printed in bold as used in the passage.
- CARDINALLY
(a)By heart
(b)Prominently
(c)Perfectly
(d) Obscurely
(e) Totally
- 7. CONCERNED
(a) Be about
(b) Unperturbed
(c) Collected
(d) Cool
(e) Inattentive
Directions (8–10): Which of the words/phrases (a), (b), (c) and (d) given below should replace the words/phrases given in bold in the following sentences to make it meaningful and grammatically correct? If the given words perfectly fit into the sentence and do not require any replacement, choose (e) i.e. ‘No replacement required’ as the answer.
- Even though India is ready to regain its position as the fastest moving large economy in the world this year, the price of growth will still be much lower than what China concluded in its high growth years.
(a) prone, changing, survey, effected
(b) likely, growing, rate, attained
(c) destined, dwindling, assess, executed
(d) allowing, pullulating, value, accomplished
(e) No replacement required
- To be able to absorb its rising workforce, India needs to remove impediments in the manufacturing sector. If prospects for manufacturing don’t improve soon, even better outcomes in education would be of limited use.
(a) perceive, demands, recede, settlement
(b) know, charges, reduce, agreement
(c) recognize, requires, calibrate, development
(d) abstain, obligates, boost, risk
(e) No replacement required
- Populists’ aversion to institutional restraints augments to the economy, where exercising full control “in the people’s interest” points that no obstacles should be placed in their way by developed regulatory agencies, independent central banks, or global trade courtesy.
(a) proclaims, holds, sovereign, usage
(b) acclaims, indicates, individual, convention
(c) extends, implies, autonomous, rules
(d) ennobles, justifies, separate, amenities
(e) No replacement required
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