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Q.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 questions.
The Reserve Bank of India (RBI) has been responding to falling inflation by easing monetary policy. In addition, the stance on liquidity underwent a significant change from ‘tight’ to ‘neutral’ in the last six months. More importantly, the central bank continues to signal an accommodative bias in its future guidance.
Despite this, there has been a policy status quo that resulted in an acceleration of food inflation and a moderate hardening of global commodity prices provided an upside risk to RBI’s projected inflation target of 5% for March 2017.However, both these risks have now failed to crystallize and room for incremental monetary easing is opening up.
Global commodity prices, especially crude oil at around $45, have stabilized, with risks evenly balanced in the near-to-medium term. More importantly, the monsoon has been normal so far (with cumulative south-west rainfall at 97% of the long period average) after two consecutive deficient years.Moreover, healthy reservoir levels suggest that sowing conditions for the upcoming rabi season are also likely to be conducive.
The government’s first advance estimate for 2016-17 kharif production is extremely encouraging. Total foodgrain production is projected to touch a record 135.03 million tonnes, exceeding the full-year target by 2.28 million tonnes. Led by pulses, oilseeds and coarse cereals, growth in foodgrain production is expected to touch 8.9% in the year 2016-17. In the last two years, it shrank by an average 1.9%.
In fact, the preliminary impact of improvement in acreage has already started to show. In August, the food index in consumer price index (CPI) contracted by 0.4% against the average increase of 1.5% observed during the same month in the previous five years. More importantly, information on high frequency mandi prices indicates that the sequential deflation in the overall food index could gather further pace in coming months.
This is likely to take the headline CPI inflation to 4.5-4.6% in September 2016 and further towards 4% by December 2016. If rabi sowing also turns out to be as good as kharif, food inflation could remain subdued, thereby keeping headline CPI inflation around 4.5% by March 2017, 50 basis points (bps) lower than the target. One basis point is one-hundredth of a percentage point. This will open up space for incremental monetary easing. RBI can be expected to cut repo rate by 25 bps in its upcoming policy review so as to maximize the impact of supportive domestic and global factors.These would be factors such as an expected pickup in domestic demand due to the fortunate alignment of enablers like the Seventh Central Pay Commission (CPC) payouts, supportive monsoon and upcoming festive season in India.
Q1. How The Reserve Bank of India (RBI) has been responding to falling inflation?
1. By easing law and order policy
2. By easing education loan policy
3. By easing Infrastructural policy
4. By easing monetary policy
5. By easing stock exchange policy
Q2. In August, the food index in consumer price index (CPI) contracted by
1. 0.45%
2. 0.9%
3. 0.3%
4. 0.4%
5. 0.44%
Q3. In which terms the Crude oil prices at around $45, have stabilized, with risks evenly balanced ?
1. in the low-to-medium term
2. in the near-to-medium term
3. in the next-to-medium term
4. in the near-to-highest term
5. in the far-to-medium term
Q4. Choose the appropriate title for the above passage?
1. Over to you, Monetary policy committee
2. Over to you, Monitor regulating commission
3. Over to you, Monetary commplicity
4. Over and above Monetary policy committee
5. Over and out Monitor policy committee
Q5. Choose the word most similar in meaning to the word printed in bold, as used in the passage.
Reservoir
1. Zilch
2. Nothingness
3. Storage
4. Frowning
5. Fierce
Q6. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Shrank
1. Grow
2. Lessen
3. Wane
4. Weaken
5. Shrivel
Q7. Choose the word most similar in meaning to the word printed in bold, as used in the passage.
Pace
1. Brutal
2. Step
3. Savage
4. Boisterous
5. Vehement
Q8. Which of the following statement is TRUE according the passage?
1. The government’s first advance estimate for 2017-18 kharif production is extremely encouraging.
2. Total foodgrain production is projected to touch a record 155.03 million tonnes, exceeding the full-year target by 2.28 million tonnes.
3. Led by pulses, oilseeds and coarse cereals, fall in foodgrain production is expected to touch 8.9% in the year 2017-18.
4. The Reserve Bank of India (RBI) has been responding to falling inflation by easing monetary policy.
5. In the last two years, foodgrain production shrank by an average 1.9%.
Q9. Choose the word which is most nearly the OPPOSITE in meaning as the word printed in bold as used in the passage.
Fortunate
1. Profitable
2. Prosperous
3. Lucky
4. Lacking
5. Fortuitous
Q10. Which of the following statement is NOT TRUE according the passage?
1. The CPI inflation to 4.5-4.6% and further towards 4%. If rabi sowing also turns out to be as good as kharif.
2. food inflation could remain subdued, thereby keeping headline CPI inflation around 4.5% by March 2017, 50 basis points (bps) lower than the target.
3. One basis point is three-hundredth of a percentage point.
4. subdued food inflation will open up space for incremental monetary easing.
5. The RBI can be expected to cut repo rate by 25 bps in its upcoming policy review
ANSWERS
Q1. (4) Answer lies in the first line
Q2. (4) Answer lies in the starting of the fifth para.
Q3. (2) Answer lies in the starting of the third para.
Q4. (1)
Q5. (3), while Lack/Zilch/Nothingness are the antonyms of the given word.
Q6. (1), while Lessen/Wane/Weaken/Shrivel are the synonyms of the given word.
Q7. (2), while Brutal/Savage/ Boisterous/ Vehement are the synonyms of ferocious.
Q8. (5) Answer lies in the fourth para.
Q9. (4) Fortunate/Profitable/Prosperous/Lucky are the synonyms of the given word.
Q10. (3) Answer lies in the mid of the last para.
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