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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 questions.
For people still struggling in the aftermath of the financial crisis—and for politicians giving their discontent voice—the free market and global trade are no longer the default option. Much has been written and said about this in recent times. The latest numbers reiterate that the markets seem to be bearing out this shift. This could have significant consequences for the geo-economic model that has underwritten global growth for the past three decades. The World Trade Organization forecast that global trade volumes would rise only 1.7% this year, the slowest increase since the 2008 financial crisis. This is not a one-off. As per the International Monetary Fund’s (IMF) latest World Economic Outlook report, “The volume of world trade in goods and services has grown by just over 3 per cent a year since 2012, less than half the average rate of expansion during the previous three decades.” And the fact that global trade growth will be lower than global gross domestic product (GDP) this year—and has barely kept pace over the past four years—is in stark contrast to the 1985-2007 period when it grew on average twice as fast as global GDP.
A generally weak economic environment, subdued investment and the downturn in the commodities cycle are all factors here. But the IMF report also suggests that trade policies and global value chain (GVC) participation are to blame. This has been borne out by several researchers over the past few years. Unlike the cyclical factors, this has structural implications. Contrary to the extractive nature of historical supply chains that dealt primarily in commodities, the past three decades or so have seen the production process becoming internationally fragmented. This has been driven by three factors: falling trade costs such as tariff and non-tariff barriers, technological evolution that has made real-time communication and coordination across borders easier, and low labour costs in the developing world led by China.
But the slowdown in global trade points in a new, less optimistic direction. Benefits from the evolution of communications technology are plateauing and labour costs in the major emerging nations are rising. Public pressure and the political response are raising trade costs; witness the difficulties faced by mega-trade pacts such as the Trans-Pacific Partnership.
The effect on the nature and deployment of geo-economic influence has been seismic. The larger the pie and the higher the stake various states had in GVCs, the lower the chances of a zero-sum approach. The “admixture of the logic of conflict and the methods of commerce”, as political scientist termed geo-economics, had been tamed to an extent. The benefits in terms of global growth and poverty reduction were readily apparent.
Q1. What do the latest numbers reiterate about the aftermath of the financial crisis?
(1) the markets seem to grow rapidly
(2) it grew on average twice as fast as global GDP
(3) the International Monetary Fund’s (IMF) is reporting harsh
(4) the geo-economic model that has underwritten global growth
(5) the markets seem to be bearing out the shift
Q2. Choose the appropriate title for the above passage?
(1) The consequences of the local trade slump
(2) The consequences of the global trade slump
(3) The consequences of the urban trade slump
(4) The consequences of the global agriculture and service sector
(5) The consequences of the global trade growth
Q3. The larger the pie and the higher the stake various states had in GVCs, the lower the chances of a
(1) nature and deployment
(2) developing world
(3) zero-sum approach
(4) extractive nature of historical supply chains
(5) fifth sum approach
Q4. Global trade growth will be lower than global gross domestic product (GDP), when it grew on
(1) average twice as faster as global GDP
(2) average thrice as fast as global GDP
(3) average twice as slow as global GDP
(4) average twice as fast as global IDP
(5) average twice as fast as global GDP
Q5. Which of the following statement is TRUE according the passage?
(1) The effect on the nature and employment of geo-economic influence has been seismic.
(2) The larger the pie and the less the stake various states had in PVCs, the lower the chances of a zero-sum approach.
(3) The slowdown in global trade points in a new, less optimistic direction.
(4) The “admixture of the logic of adulation and the methods of lauds”, had been tamed to an extent.
(5) The benefits in terms of global decay and corruption reduction were readily apparent.
Q6. Which of the following statement is NOT TRUE according the passage?
(1) The World Trade Organization forecast that global trade volumes would rise only 1.7% this year.
(2) The slowest increase occurred since the 2008 financial crisis. This is not a one-off.
(3) Global trade growth will be lower than global gross domestic product (GDP) this year.
(4) As per the International Monetary Fund’s (IMF) latest World Economic Outlook report,
“The volume of world trade in goods and services has grown by just over 3 per cent a year since 2012.
(5) Global trade growth has barely kept pace over the past five years.
Q7. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Evolution
(1) Unfolding
(2) Stagnation
(3) Evolvement
(4) Progression
(5) Vilify
Q8. Choose the word most SIMILAR in meaning to the word printed in bold, as used in the passage.
Seismic
(1) ethereal
(2) tremorous
(3) subtle
(4) placid
(5) vaporous
Q9. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Tamed
(1) Conquered
(2) Curbed
(3) Agitated
(4) Pacify
(5) Restrained
Q10. Choose the word most SIMILAR in meaning to the word printed in bold, as used in the passage.
Plateauing
(1) Stagnating
(2) Progressing
(3) Bluish
(4) Bullish
(5) Enhanced
Answer- 1. (5) 2. (2) 3. (3) 4. (5) 5. (3) 6. (5) 7. (2) 8. (2) 9. (3) 10. (1)
