English Language Quiz For IBPS | RBI | SBI | NABARD | 19-07-2022

 

Dear Readers,

Mahendras has started special quizzes for  IBPS  | RBI  | SBI  | NABARD   so that you can practice more and more to crack the examination. This  IBPS  | RBI  | SBI  | NABARD    Exam special quiz series will mold your preparations in the right direction and the regular practice of these quizzes will be really very helpful in scoring good marks in the Examination. Here we are providing you the important question of reasoning ability for the  IBPS  | RBI  | SBI  | NABARD  .

Q1-7 Read the following passage carefully and answer the questions given below it.

Nandan Nilekani has used a fine analogy to compare the new digital payments network in India with its peers in other parts of the world. The Unified Payments Interface (UPI) is like a highway without tolls while countries such as China or the US have walled gardens in which private companies control access to payments networks. Economists had been undecided during the heated debates on Net neutrality whether the Internet is a private good, a club good or a public good. Some clarity on this technical issue is of prime importance for contemporary public policy. These three categories of goods can be explained using the same motoring analogy. A car is a private good. A toll road is a club good. An open road is a public good. These distinctions are drawn based on two concerns—whether anybody can be excluded from using it and whether its use by one person reduces the availability for another person. These are, respectively, the conditions of non-rivalrous and non-excludable use. A car is a private good because it can be used only by a few people while others cannot use it at the same time. A toll road is a club good because it excludes people who do not pay the mandatory levy while its use by one person does not reduce availability to other people once the toll has been paid. A regular road is a public good because it neither excludes anybody nor is its use rivalrous.

UPI has the features of a public good. It has an open architecture that others in the financial sector can build products on. The rest of the world depends on private networks that are club goods—you can come into the system after paying a toll to the company that has built the network. The toll operator not only allows you to come in after payment but also has the power to choose on your behalf which restaurant or motel to use during your journey. In the Indian case, the combination of UPI with another open platform—Aadhaar—means that there is explosive potential once network effects come into play. The move to a cashless society in India is not exactly around the corner, since India still has one of the highest rates of cash usage as a proportion of its gross domestic product. However, that does not take away from the transformative potential of the UPI-Aadhaar combination.

That leads to another issue that casts light on the role of the state in the digital economy. The traditional theory of public finance says that public goods should be owned by the state. It is slightly more complicated in the digital world, where digital platforms are created by private companies that need to collect tolls to make their innovations pay off. The sheer speed of innovation means that the state cannot take over the job of creating digital platforms that are free of tolls. On the other hand, network effects also create monopolies in the digital world, as was repeatedly pointed out in the landmark browser battle between Microsoft and Netscape at the turn of the century.

Q-1 Which of the following could be the most appropriate title for the above passage?

01. Transformed digitalised India

02. The sheer speed of innovation

03. How the Indian state is building a new generation of digital public goods

04. Unified Payments Interface

05. How public and private goods are working together

Q-2 Which of the following statement is TRUE according to the passage?

01. A car is a public good because it neither excludes anybody nor is its use rivalrous.

02. A regular road is a club good because it excludes people who do not pay the mandatory levy while its use by one person does not reduce availability to other people once the toll has been paid.

03. Network effects create chaos in the digital world.

04. The traditional theory of public finance says that public goods should be owned by the state.

05. The Unified Payments Interface (UPI) is like a highway with tolls.

Q-3 Which of the following statement is NOT TRUE according the passage?

01. Nandan Nilekani has used a fine analogy to compare the new digital payments network in India with its peers in other parts of the world.

02. Countries such as China or the US have walled gardens in which private companies control access to payments networks.

03. The toll operator not only allows you to come in after payment but also has the power to choose on your behalf which car or petrol pump to use during your journey.

04. Economists had been undecided during the heated debates on Net neutrality whether the Internet is a private good, a club good or a public good.

05. Some clarity on the technical issue is of prime importance for contemporary public policy.

Q-4 Why in the digital world, where digital platforms are created by private companies need to collect tolls?

01. To make the transformative potential of the UPI-Aadhaar combination.

02. To make some clarity on the technical issue.

03. To control access to payments networks.

04. To make their innovations pay off.

05. To exclude the people who do not pay the mandatory levy.

Q-5 On what grounds are the private, club and public goods distinguished in the passage?

(A) On the basis whether anybody can be excluded from using it.

(B) On the basis whether its use by one person reduces the availability for another person.

(C) On the basis of the conditions of rivalrous and excludable use.

01. Only (A)

02. Only (C)

03. Only (A) and (C)

04. Only (A) and (B)

05. All (A), (B) and (C)

Q-6 If public good neither excludes anybody nor is its use rivalrous, why according to the author UPI has the features of a public good?

01. Its use by one person does not reduce availability to other people once the toll has been paid.

02. The combination of UPI with another open platform—Aadhaar.

03. It has an open architecture that others in the financial sector can build products on.

04. Only (1) and (2)

05. Only (2) and (3)

Q-7 Why according to the author is a move to a cashless society in India is not exactly around the corner?

(A) India still has one of the highest rates of cash usage as a proportion of its gross domestic product.

(B) Public, private and club goods are easy to transact in cash therefore cashless society in India is not around the corner.

(C) It is easy to manage public finances in cash.

01. Only A

02. Only B

03. Only A and B

04. Only A and C

05. Only A and C

Q8-10 Read each part of the sentence to find out if there is any 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, mark your answer as (5).

Q8 A retired top US general pleaded guilty of (1)/ making a false statement during a FBI probe (2)/ into a classified intelligence leak about a cyberattack (3)/ against Iran’s nuclear program in 2010. (4)/ No Error (5)

01. 1

02. 2

03. 3

04. 4

05. 5

Q9 Aviation regulator DGCA informed the Delhi High Court(1)/ that it has taken all necessary steps(2)/ to ensure safe and security of aircraft(3)/ and passengers in the country.(4)/No error (5)

01. 1

02. 2

03. 3

04. 4

05. 5

Q-10 Violating the ceasefire, Pakistani troops fired (1)/ small arms and shelled (2)/ mortar bombs on forward posts along the LoC in Rajouri (3)/ district, drawing retaliation from the Indian troops. (4)/ No Error (5)

01. 1

02. 2

03. 3

04. 4

05. 5

Answers:-

Q.1 (4)

Q.2 (4)

Q.3 (3)

Q.4 (4)

Q.5 (3)

Q.6 (3)

Q.7 (1)

Q.8 (2)

Q.9 (3)

Q.10 (5)