SBI PO Prelims English Language Quiz – 77

SBI PO Prelims 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 SBI PO Prelims English Language Quiz to help you prepare better. This SBI PO Prelims English Language Quiz includes all of the most recent pattern- based questions, as well as Previous Year Questions. This SBI PO Prelims English Language Quiz is available to you at no cost. Candidates will be provided with a detailed explanation of each question in this SBI PO Prelims English Language Quiz. Candidates must practice this SBI PO Prelims English Language Quiz to achieve a good score in the English Language Section.

Directions (1-5): Read the following passage carefully and answer the questions given below them. Certain words are given in bold to help you locate them while answering some of the questions.

The Reserve Bank of India’s (RBI’s) latest circular on cryptocurrencies has landed a decisive blow on the burgeoning market in the country, ending months of speculation about how crypto-assets would be regulated by the government. The notification forbids entities regulated by the RBI from dealing with, or providing services for facilitating trade in virtual currencies (VCs). The intention is to starve the market of liquidity and put further pressure on people whom the RBI had hitherto failed to persuade, with Indian cryptocurrency exchanges continuing to add users in the midst of rising valuations late last year. The market has since crashed and cooled, and many who invested have been burnt. But the question that remains is whether RBI’s role should be that of an adviser or a guardian.

The latest notification doesn’t explain the trigger for the central bank, but the December 2013 notification lays down the RBI’s concerns with crypto-assets. These are concerns about the security of electronic wallets and private keys, the lack of a centralized authority or underlying asset, the unregulated nature of bitcoin exchanges, and the use of virtual currencies to fund illicit and illegal activities. At other times, the RBI and the government have cautioned users about the speculative nature of these assets. Some of these concerns are more legitimate than others. The anxiety about the lack of a centralized authority or underlying asset betrays a fundamental misunderstanding of the bitcoin project. The blockchain serves as a protocol that ensures trust by virtue of being immutable and irreversible. The currency was invented precisely so that users don’t have to trust an intermediary in order to exchange assets of value. Sure, not being able to reverse a transaction comes with trade-offs, but its tamper-proof nature is what creates trust in the system.

The other concerns about security and the potential to support illegal activities can be addressed by regulating cryptocurrency exchanges. Most users don’t want to handle their private keys and store their assets at the exchange. This makes these exchanges a honeypot for hackers. The Mt Gox hack in 2014, and last month’s Coincheck hack, led to losses of almost $1 billion. Therefore, all exchanges must be made to follow industry best-practices in ensuring the security of users’ private keys, complying with know-your-customer rules, and reporting any unusual activity.

However, owing to the nature of cryptocurrencies, regulation will have its limits. Since virtual currencies are immutable and peer-to-peer, they cannot be stamped out unless they themselves cease to be valuable. Until now, VCs have proved to be too volatile to be a good unit of account or medium of exchange. Should the experiments with stable-value cryptocurrencies be successful, regulation can still make them an illegal medium of exchange.

But owing to their deflationary properties and the ability to send large sums of money halfway around the world, cryptocurrencies are potentially a good store of value, and an even better mode of final settlement. Developers are working to improve existing VCs, and new applications, such as micro-payments, banking the unbanked, privacy, etc. are being introduced. While the policy will dampen the rate of adoption, it is possible that VCs will continue to remain attractive. But this demand will be met at over-the-counter markets, instead of exchanges. Lastly, the arguments that justify banning cryptocurrency in order to control terror-financing hold no water because illicit actors can still move cryptocurrencies across borders and sell them here.

Other Asian economies have adopted varying philosophies while deciding how to regulate virtual currencies. China has decided to clamp down by banning exchanges and initial coin offerings (ICOs), even extending the ban to offshore platforms where existing owners could hitherto exchange their coins using a virtual private network. Japan, on the other hand, has adopted an enabling framework. In April 2017, bitcoin was recognized as legal tender in the country. The government has brought the exchanges under anti-money-laundering rules and is considering a recent proposal to regulate fund-raising through ICOs. Then there are countries like South Korea and Singapore, which have clarified that they will not ban cryptocurrencies, but will impose transparency rules while observing how the industry evolves.

Cryptocurrencies are high-risk assets and the job of conveying the risks has been well done through government notices and media coverage. The usual advice is to not invest more than one can afford to lose completely. But going beyond these directives, especially when the market is too small to pose any imminent threat to the economic stability of the country, is just patronizing. It’s ironic that cryptocurrencies were invented precisely to avoid these controls on one’s finances.

 

  1. Which of the following decisions has been made by RBI against cryptocurrency?

(a) to ensure security against cryptocurrency
(b) to increase the valuation of crypto currency
(c) to allow transparency in the crypto currency exchanges
(d) to ban the trade of crypto assets via entities regulated by RBI.
(e) to facilitate the trade in virtual currencies.

Answer & Explanation
Ans. d

Exp. Refer the first paragraph of the passage “The notification forbids entities regulated by the RBI from dealing with, or providing services for facilitating trade in virtual currencies (VCs).”

  1. How is it correct to say that investment in Crypto assets is a risk?

(I) It has speculative and unregulated nature.
(II) There is no centralized authority behind these assets.
(III) It can be used for some illegal activities
(IV) It is tamper-proof.

(a) Only (I)
(b) Only (I), (II) and (III)
(c) Only (II), (III) and (IV)
(d) Only (I), (II) and (IV)
(e) All are correct.

Answer & Explanation
Ans. b

Exp. Refer the second paragraph of the passage.

Sentence (IV) is not correct as it is mentioned in the last line of second paragraph “its tamper-proof nature is what creates trust in the system.”

  1. What can be done in order to secure cryptocurrency business?

(I) New applications for improvement of cryptocurrency business should be introduced.
(II) There should be transparency within the system.
(III) All exchanges must be regulated in order to ensure security of user’s private keys.

(a) Only (I)
(b) Only (III)
(c) Both (I) and (III)
(d) Both (II) and (III)
(e) All are correct

Answer & Explanation
Ans. e

Exp. All the given sentences are correct.

  1. How different countries responded to adapting virtual currencies?

(a) by banning it completely
(b) by adopting its framework.
(c) by imposing transparency rules.
(d) both (b) and (c)

(e) All are correct

Answer & Explanation
Ans. e

Exp. All the given sentences are correct. Refer the second last paragraph of the passage.

  1. What is the author’s tone of the passage?

(a) analytical
(b) cynical
(c) didactic
(d) Sarcastic
(e) nostalgic

Answer & Explanation
Ans. a

Exp. The author’s tone is ‘analytical’ here as the author gave deep analysis following the chain of reasoning to draw any inference. The author weighs different point of view in favor or against his argument before arriving at any conclusion.

Directions (6-10): There are three sentences given in the following question. Find the sentence(s) which is/are grammatically correct and contextually meaningful and then mark your answer choosing the best possible alternative among the five options given below each question. If all sentences are correct, choose option (e) i.e., “All are correct” as your answer.

  1. (I)If we had Dhoni in our team, we would have easily won all the matches against Australia.

(II)A place ruled by Nawabs, who were fond of food, ought to have people who love food equally.

(III)Her latest project is a film based on the life of a 19th-century music hall star.

(a)Only (I)

(b)Only (II)

(c)Both (II) and (III)

(d)Both (I) and (III)

(e)All are correct

Answer & Explanation
Ans. c

Exp. Both the sentences (II) and (III) are grammatically correct. However, there is an error in the first sentence. The expression “we had Dhoni” should be replaced by “we had had Dhoni” to make the sentence grammatically correct. It is to be noted that to express the unfulfilled wish, condition or desire of the past, Past Perfect Tense is used in the Conditional Clause. Hence option (c) is the correct choice.

  1. (I)It was done in precisely the same way, as before, with the same result.

(II)Rakesh was with me up till now, so you should not rebuke him for getting late.

(III)She uses to work at least till ten O’ clock at night and then she goes to bed.

(a)Only (I)

(b)Only (III)

(c)Both (I) and (III)

(d)Both (II) and (III)

(e)All are correct

Answer & Explanation
Ans. a

Exp. Among the given statements, only the first sentence is grammatically correct. There are certain grammatical mistakes in both the second and the third sentences. In the second sentence, the verb “was” should be replaced by “has been” as we use “Present Perfect” with “up till now”.

e.g.  He has been ill up till now.

I have stayed here up till now.

In the case of third sentence, the expression “uses to work” should be replaced by “works” as to describe about the present habit, Simple Present is used. It is to be noted that “used to” is used to describe the past habit, but we cannot refer the same with “uses to” for the present habit. Moreover, “used” always takes the to-infinitive and occurs only in the past tense.

Hence option (a) is the correct choice.

  1. (I)Hyundai unveiled the Tucson facelift at the 2018 New York International Auto Show.

(II)This is, indeed, the first time in my life that I lie to my parents.

(III)Shopping online means you avoid the crowded supermarket aisles.

(a)Only (I)

(b)Both (I) and (III)

(c)Both (II) and (III)

(d)Both (I) and (II)

(e)All are correct

Answer & Explanation
Ans. b

Exp. Both the statements (I) and (III) are grammatically correct. However, there is an error in the second sentence. In the case of second sentence, replace “I lie” by “I have lied” as the verb following the expressions “this is the first time”, “it is the second time”, etc. should be in Present Perfect Tense.

e.g. It is the second time that you have come here.

Hence option (b) is the correct choice.

  1. (I)It was tragic enough for him in all conscience, but he could see no farcical element.

(II)He was prepared to meet dazzling wonders of gems or priceless metal.

(III)It was an interesting book, full of fascinating insights into human relationships.

(a)Only (I)

(b)Only (II)

(c)Only (III)

(d)None is correct

(e)All are correct

Answer & Explanation
Ans. e

Exp. All the given statements are grammatically correct. Hence option (e) is the correct choice.

  1. (I)She had gone back to bed and fallen promptly into a pleasant sleep.

(II)His affable and wholesome nature makes those around him protective of him.

(III)It is appearing to me that he is conspiring against his friends and their families.

(a)Only (I)

(b)Only (III)

(c)Both (I) and (II)

(d)None is correct

(e)All are correct

Answer & Explanation
Ans. c

Exp. Both the statements (I) and (II) are grammatically correct. However, there is a grammatical error in the third sentence; the expression “It is appearing” should be replaced by “It appears” as when the word ‘appear” is used with the sense of “seem”, then the word “appear” is used in Simple Tense instead of Continuous Tense.

e.g. It appears that he will fail in his plan.

She appears to be dull.

Hence option (c) is the correct choice.

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