SBI PO Prelims English Language Quiz
English Language plays a very crucial role in every competitive examination. With consistent practice, candidates can ace this section in examination. In this article, we bring to you SBI PO Prelims English Language Quiz to boost your preparation. This SBI PO Prelims English Language Quiz contains various types of questions ranging from easy to difficult level. This SBI PO Prelims English Language Quiz is absolutely FREE. Candidates will be provided with a detailed explanation of each question in this SBI PO Prelims English Language Quiz. In order to be able to answer questions quickly and efficiently in upcoming exams, aspirants must practice this SBI PO Prelims English Language Quiz.
Directions (1-5): 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.
A lot of the media discussion on the global economy nowadays is based on the notion of the “new normal” or “new mediocre”—the phenomenon of slowing, stagnating or negative economic growth across most of the world. News in terms of employment generation is even worse, with hardly any creation of good quality jobs and growing material insecurity for the bulk of the people. All sorts of explanations are being proffered for this state of affairs, from technological progress, to slower population growth, to insufficient investment because of shifts in relative prices of capital and labour, to “balance sheet recessions” created by the private debt overhang in many economies, to contractionary fiscal stances of governments that are also excessively indebted.
Yet, these arguments that treat economic processes as the inevitable results of some forces outside the system that follow their own logic and are beyond social intervention are hugely misplaced. Most of all, they let economic policies off the hook, and this is massively important because the possibility of alternative strategies that would not result in the same outcomes are simply not considered.
In an important new book (Failed: What the “Experts” Got Wrong About the Global Economy, Oxford University Press, New York, 2015), Mark Weisbrot calls this bluff effectively and comprehensively. He points out: “Behind almost every prolonged economic malfeasance there is some combination of outworn bad ideas, incompetence and the malign influence of powerful special interests”. Unfortunately, such nightmares are prolonged and even repeated in other places because even if the lessons from one catastrophe are learned, they are typically not learned, or at least not taken to heart, by “the people who call the shots”.
The costs of this failure are huge for the citizenry: for workers who face joblessness or fragile, insecure employment at low wages; for families whose access to essential goods and social services is reduced; for farmers and other small producers who find that their activities are simply not financially viable; for those thrown into poverty because of crisis and instability or those facing greater hunger; and for almost everyone in society when their lives become more insecure in various ways. Many millions of lives across the world have been ruined because of the active implementation of completely wrong and unnecessary economic policies. Yet, because the blame is not apportioned where it is due, those who are culpable for this not only get away with it but are able to continue to impose their power and expertise on economic policies and on governing institutions. For them, there is no price to be paid for failure.
Weisbrot illustrates this with the telling example of the still unfolding economic tragedy in the eurozone. He describes the design flaws in the monetary union that meant that the European Central Bank (ECB) did not behave like a real central bank to all the member-countries because when the crisis broke in 2009-10 it did not behave as a lender of last resort to the countries in the European periphery that faced payment difficulties. Instead, the most draconian austerity measures were imposed on these countries, which simply drove them further into economic decline and made their debt burdens even more burdensome and unpayable.
It took two years for ECB Governor Mario Draghi to promise to “do whatever it takes to save the euro”, and he did this when the crisis threatened to engulf the entire European Union and force the monetary union to collapse. When the financial bleeding was stemmed, it became glaringly evident that the European authorities, and the ECB, could have intervened much earlier to reduce the damage in the eurozone periphery through monetary and fiscal policies. In countries with their own central banks, such as the United States and the United Kingdom, such policies were indeed undertaken, which is why the recovery also came sooner and with less pain than still persists in parts of Europe.
Weisbrot notes that this entire episode should have provided “a historic lesson about the importance of national and democratic control over macroeconomic policy—or at the very least, not ceding such power to the wrong people and institutions”. Unfortunately, the opposite seems to be the case, with the media and others drawing lessons that were very much in terms of blaming the victim. Indeed, Weisbrot makes an even stronger point when he says that this crisis was used by vested interests (including those in the International Monetary Fund, or IMF) to force governments in these countries to implement economic and social reforms that would otherwise be unacceptable to their electorates.
- According to the passage, which among the following is the appropriate theme of the passage?
(a) Effects of imperfect planning of monetary policy by European central bank.
(b) Wrong decisions in economic and social policies leading to financial weakening of European countries.
(c) Declining Economic growth and increasing debt burdens.
(d) Consequences of the implementation of wrong and unnecessary economic policies.
(e) Importance of national and democratic control over macroeconomic policy.
- What does the author mean by the phrase “they let economic policies off the hook”?
(I)There are certain economic establishments that feel that their economic strategies are not under any trouble as these economic slowdown and their subsequent results are beyond their control.
(II)The countries which feel that their economic policies have got nothing to do with their poor economic progress, blame certain inevitable forces outside the system for their economic conundrum.
(III)Those economic forces which feel that their policies and strategies are not the relevant reasons for their negative economic growth also negate the possibilities of any economic intervention as a preventive measure.
(a) Only (I) is true
(b) Only (II) is true
(c) Both (I) and (II) are true
(d) Both (II) and (III) are true
(e) All are true
Directions (3-4): Choose the word/group of words which is most similar in meaning to the word/group of words printed in bold as used in passage.
Direction (5): Choose the word/group of words which is most opposite in meaning to the word/group of words printed in bold as used in passage.
Direction (6-10): Read each sentence to find out whether there is any grammatical or idiomatic error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is ‘No error’, the answer is (e). (Ignore errors of punctuation, if any.)
- Don’t talk to (a)/ him, he always (b)/remains in temper (c)/ these days. (d)/ No error (e)
- People in Darwin (a)/ had become so accustomed to cyclone warnings (b)/ that few of them paid any attention to the radio warnings (c)/ which began this morning. (d)/ No error (e)
- This is (a)/ the most important (b)/ question which you have (c)/ to prepare very carefully. (d)/ No error (e)
- Brahmaputra is (a)/ one of the longest rivers (b)/ that originate (c)/ in the Himalayas. (d)/ No error (e)
- The trees in a forest (a)/ must be properly counted and numbered (b)/ and proper entries be made (c)/ in the register. (d) / No error. (e)
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