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Directions [1-10]: Read the following passage carefully and answer the questions given below it. Certain words/phrases are printed in bold to help you locate them while answering some of the questions.
John Maynard Keynes, the trendiest dead economist of this apocalyptic moment, was the godfather of government stimulus. Keynes had the radical idea that throwing money at recessions through aggressive deficit spending would resuscitate flat lined economies and he was not too particular about where the money was thrown. In the depths of the depression, he suggested that the treasury could “fill old bottles with banknotes, bury them at suitable depths in disused coal mines” then sit back and watch a money-mining boom create jobs and prosperity. “It would, indeed, be more sensible to build houses and the like”, he wrote, but “the above would be better than nothing.”
As President-elect Barack Obama prepares to throw money at the current downturn-a stimulus package starting at about $800 billion, plus the second $350 billion chunk of the financial bailout-we all really do seem to be Keynesians now. Just about every expert agrees that pumping $1 trillion into a moribund economy will rev up the ethereal goods and services engine that Keynes called “aggregate demand” and stimulate at least some short term activity, even if it is all wasted on money pits. But Keynes was also right that there would be more sensible ways to spend it. There would also be less sensible ways to spend it. A trillion dollars’ worth of bad ideas-sprawl-inducing highways and bridges to nowhere, ethanol plants and pipelines that accelerate global warming, tax breaks for over leveraged Mc Mansion builders and burdensome new long-term federal entitlements would be worse than mere waste. It would be smarter to buy every American an iPod, a set of Ginsu knives and 600 Subway foot longs.
It would be smarter still to throw all that money at things we need to do anyway, which is the goal of Obama’s upcoming American Recovery and Reinvestment Plan. It will include a mix of tax cuts, aid to beleaguered state and local governments; and spending to address needs ranging from food stamps to computerized health records to bridge repairs to broadband network so energy-efficiency retrofits, all designed to save or create 3 million to 4 million jobs by the end of 2010. Obama has said speed is his top priority because the faster Washington injects cash into the financial bloodstream, the better it stands to help avert a multi-year slump with double-digit unemployment and deflation. But he also wants to use the stimulus to advance his long-term priorities: reducing energy use and carbon emissions, cutting middle-class taxes, upgrading neglected infrastructure, raining in health care costs and eventually reducing the budget deficits that exploded under George W. Bush. Obama’s goal is to exploit this crisis in the best sense of the word to start pursuing his vision of a greener, Fairer, more competitive, more sustainable economy.
Unfortunately, while 21st century Washington has demonstrated an impressive ability to spend money quickly, it has yet to prove that it can spend money wisely. And the chum of a 1 with 12 zeros is already creating a feeding frenzy for the ages. Lobbyists for shoe companies, zoos, catfish farmers, mall owners, airlines, public broadcasters, car dealers and everyone else who can afford their retainers are lining up for a piece of the stimulus. States that embarked on raucous spending and tax cutting sprees when they were flush are begging for bailouts now that they're broke. And politicians are dusting off their unfunded mobster museums, waterslides and other pet projects for rebranding as shovel-ready infrastructure investments. As Obama’s aides scramble to assemble something effective and transformative as well as politically achievable, they acknowledge the tension between his desires for speed and reform.
1.         Obama’s upcoming American Recovery and Reinvestment Plan focuses on which of the following?
[A]      Recovery of all debts from the debtors in a phased manner.
[B]       Pumping money very liberally in projects that are mandatory.
[C]       Investing money recklessly in any project regardless of its utility.
a) Only [A]                 b) only [B]                  c) Only [C]                 d) [B] and [C]
e) All [A] [B] and [C]
2.         John M. Keynes was advocate of which of the following suggestions?
a)         Spending money recklessly during recessions is suicidal
b)         Exorbitant spending during recessions is likely to boost economy
c)         Aggressive deficit spending is likely to be fatal for economic meltdown.
d)         Government stimulus to economy may not help because of red-tapism.
e)         None of the above
3.         Obama desires to accelerate the process of pumping money with utmost rapidity as he believes that it would:
[A]      Help create reasonably high employment opportunities
[B]       Avoid deflation
[C]       Inject cash into the already troubled economy
a) [A] and [B]                         b) [B] and [C]             c) [A] and [C]             d) All [A] [B] and [C]
e) None of the above
4.         Which of the following is TRUE about Keynes’ philosophy?
a)         Actual spending money during meltdown is more important than where and on what it is spent
b)         Government should be selective in approach for spending money during recession
c)         Filling old bottles with banknotes and burying them is an atrocious proposal
d)         Creating jobs and prosperity during recessions is almost an impracticable proposal
e)         None of the above
5.         What, according to Keynes, is the “aggregate demand”?
a)         Goods and Services Sector                
b)         Stimulation of a short-term activity
c)         Attempting to rev up the sluggish economy
d)         Pumping one trillion dollars into economy
e)         None of the above
6.         According to the author of the passage, food stamps, bridge repairs, etc. are the projects that:
a)         Do not warrant urgent spending as they have a lower utility value
b)         Need the least investment and priority as compared to building houses for the needy
c)         May not have any favourable impact on attempts to counter recession
d)         Have lower value in terms of returns but require major investments
e)         None of the above
7.         The author of the passage calls Barack Obama and his team as “Keynesians” because:
a)         Barack Obama has been reluctant to follow Keynes’ philosophy
b)         His team is-advising Barack to refrain from Keynes’ philosophy
c)         Barack Obama and his team have decided to fill old bottles with banknotes
d)         Building houses has been under the active consideration of Barack Obama and his team
e)         None of the above
Directions (8-9): Choose the word which is most apposite in meaning of the word printed in bold as used in the passage.
8.         RAUCOUS
a) Strident       b) Harsh          c) Rough         d) Unprecedented       e) Soft
9.         BELEAGUERED
a) Carefree      b) Harassed     c) Stressful     d) Uneventful             e) Evaporating
Direction [10]: Choose the word which is most nearly the same in meaning as the word given in bold as used in the passage.
10.       FRENZY
a) Passion       b) Expression  c) Succession d) Habit           e) Manifestation
Directions [11-15]: Rearrange the following six sentences (A), (B), (C), (D), (E) and (F) in the proper sequence to form a meaningful paragraph, then answer the questions given below them:
[A]      In all varieties of humour, especially the subtle ones it is therefore what the reader thinks which gives extra meaning to these verses.
[B]       But such a verse may also be enjoyed at the surface level.
[C]       Nonsense verse is one of the most sophisticated forms of literature.
[D]      This fulfils the author’s main intention in such a verse which is to give pleasure.
[E]       However the reader who understands the broad implications of the content and allusion finds greater pleasure
[F]       The reason being it requires the reader to supply a meaning beyond the surface meaning.
11.       Which of the following is the THIRD sentence?
a) A                 b) B                 c) F                  d) C                 e) D
12.       Which of the following is the SECOND sentence?
            a) A                 b) e                  c) F                  d) B                 e) C
13.       Which of the following is the FIFTH sentence?
            a) D                 b) E                 c) B                 d) C                 e) A
14.       Which of the following is the FIRST sentence?
a) E                 b) A                 c) F                  d) D                 e) C
15.       Which of the following is the SIXTH [LAST] sentence?
a) F                  b) E                 c) D                 d) A                 e) C
Directions [16-20]: Read each sentence to find out whether there is any grammatical 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), i.e., ‘No error’. [Ignore the errors of punctuation, if any.]
16.       These companies have been asked/[a] to furnish their financial details/[b] and information about/[c] its board members./[d] No error [e]
17.       The scheme which will be launched/[a] during the next two years/[b] require an additional investment/[c] of one hundred crores./[d] No error [e]
18.       Road developers unable/[a] to finish their projects/[b] on time will not be/[c] awarded new ones./[d] No error [e]
19.       We have taken on/[a] the responsibility of/[b] arranging the required training/[c] and supervise the new staff./[d] No error [e]
20.       The government has signed/[a] a memorandum of understanding with/[b] the company to set up/[c] a plant in the state./[d] No error [e]
Directions [21-25]: In the following questions, a sentence with four words in bold type is given. One of these words given in bold may be either wrongly spelt or inappropriate in the context of the sentence. Find out» the word which is wrongly spelt or inappropriate, if any. That word is your answer. If all the words given in bold are correctly spelt and also appropriate in the context of the sentence, select ‘All correct’ as your answer.
21.       Now one can bye mutual funds and other financial products such as insurance policies online.
a) bye              b) mutual        c) products      d) insurance    e) All correct
22.       The economy is on the part to recovery and slowly but surely the banking sector will perform well.
a) Part             b) recovery     c) surely          d) perform      e) All correct
23.       Asset Reconstruction Companies help troubled busyness by providing funds and expertise to manage better.
a) help             b) troubled      c) busyness     d) manage       e) All correct
24.       The Asian Development Bank has supported the government’s latest efforts to deliver quality health services to all sections of society.
a) supported    b) latest           c) deliver        d) sections      e) All correct
25.       A case based discussion gives students the chance to diagnose a problem and dibate on solutions to the given situation.
a) problem      b) dibate          c) solutions     d) situation     e) All correct
Directions [26-30]: In the following passage, there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested one of which fits the blank appropriately. Find out the appropriate word in each case.
Most of us are scared of open conflict and avoid it if we can. And there is a ...[26]... to expressing and working through conflict. If the working through conflict involves harsh words and name-calling people feel deeply hurt and relationships can be ...[27]... sometimes permanently. Some group members may go out be afraid that if they really ...[28]... their anger, they may out of control and become violent, or they may do this. These fears can be very on experience. So why take the risk? Why not avoid conflict at all costs? Conflict is rather like disease ...[30]... is best. That discomfiture may occur before they become an issue. If you have not ignored a conflict happening, your next choice is to treat it early, or hope that it goes away. If it goes away over time fine. If it doesn’t, then you will still have to handle (treat) it and it is likely to be more serious.
a) challenge                b) measure      c) principle     d) risk             e) problem
a) established              b) maligned    c) damaged     d) rebuilt         e) adjusted
a) sublimate                b) express       c) minimize    d) regulate      e) maximize
a) baseless                  b) imaginary   c) exaggerate  d) real             e) fake
a) cure             b) diagnosis    c) prescription                        d) prevention  e) preventive

1. (b)               2. (b)               3. (a)               4. (a)               5. (a)
6. (e)               7. (e)               8. (e)               9. (a)               10. (a)
11. (b)             12. (c)             13. (b)             14. (e)             15. (d)
16. (d) ‘its’ is replaced by ‘their’
17. (c) ‘require’ is replaced by ‘requires’
18. (c) ‘on’ is replaced by ‘in’
19. (d) ‘supervise’ is replaced by ‘supervising’
20. (e) No error
21. (a)
22. (a) Use ‘path’ in place of ‘part’
23. c)               24. e)               25. b)               26. d)               27. c)

28. b)               29. d)               30. d)

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