SBI JuniorAssociate-4 Questions and answers

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      Directions (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 of the questions.
      As India and other energyimporting countries struggle with runaway oil prices, Russia has earned more than $ 300 billion in oil export earnings. This has driven its economic growth. Today, Russia is the eighth largest economy in the world in purchasing power Parity. according to the World Bank, and it is poised to overtake France to become the world's sixth largest economy.
      The oil industry was the prime target of a sweeping privatisation drive launched after the break-up of the Soviet Union. However, not all Russians have been rolling in oil wealth. The Russian government has failed to do for its people even a fraction of what the Soviet Union, with twice the population, did with the revenue generated from oil.
      While the Soviet Government bought grain and other foreign consumer goods to be sold in domestic markets at heavily subsidised rates, Russia rejected socialism. Instead, it embraced capitalism in which money earned from oil has enriched only tycoons and corrupt government officials. Oil tycoons in Russia have made huge fortunes by using gaping holes in tax legislation to pay far below the standard 24 per cent corporate rate
      Recently. Russia introduced a Stiff tax system in which the government takes eighty percent of the oil revenues. With the oil wealth trickling down to other sectors, millions have been lifted out of poverty in the last ten years. Russia has also overtaken Germany as Europe's biggest car market. Demand has outpaced supply, with Russians having to wait a year to get the car of their Choice. But the gap between the rich and the poor continues to widen with 19 million people still below the poverty line. The fact that Russia has the second largest number of billionaires in the world does not measure up to the size of the economy and the level of the country's development. Revenue generated from oil is now going to play a key role in overcoming Russias 'oil curse' over dependence on energy. Russia is one of the few places in the world with significant unexplored and unexploited reserves of oil. In order to lay a stable foundation for the economy when the oil price boom comes to an end, Russia is slowly moving from a resources-dependent to a science-based economy. The government has raised funding to infrastructure-outmoded transport networks put a brake on the economy, aviation and nuclear energy among other sectors. The biggest challenge is to manage this huge investment programme without fuelling rapidly rising inflation. Driven by high global energy and food prices, the Russian central bank has been forced to raise the interest rate four times this year in order to keep inflation down.
      1). Which of the following is most nearly the same in meaning to the

      word 'Sweeping' as used in the passage ?

      A). Waving
      B). Clearing
      C). Removal
      D). Extensive
      E). Discarding
      2). Why are a large number of the world's very rich people found in Russia?
      A). Russia is one of the most developed countries in the world.
      B). Russia is the world's largest automobile supplier.
      C). Russian oil businessmen took advantage of ambiguity in Russia's tax laws.
      D). Russia is the world's largest supplier of oil.
      E). None of the above
      3). Which of the following is are Impact(s) of Russia's economic growth ?

      (A) Russia's population has doubled.

      (B) Foreign consumer goods are heavily subsidised.

      (C) There is a huge gap between the haves and the have acts.

      A). Only (A)
      B). All (A),(B) and (C)
      C). Only (C)
      D). Both (A) and (B)
      E). None of these
      4). Which of the following factors is responsible for Russia's economic growth ?
      A). Russia imports fuel from developing countries like India at low cost.
      B). Receiving aid worth 300 billion dollars from energy-importing countries
      C). Funding received from the World Bank and developed countries like France
      D). The revenue Russia has earned from exporting oil
      E). Russia has been able to control inflation
      5). Which of the following is most nearly the same in meaning to the word 'Embraced' as used in the passage ?
      A). Hugged
      B). Encompass
      C). Held
      D). Covered
      E). Accepted

      6). What step(s) has the Russian Government taken to control inflation ?

      (A)It has raised the amount of money allocated for exploring new oil reserves.

      (B)Taxes have been hiked.

      (C) Subsidies on essential commodities like food have been introduced.

      A). None
      B). Only (A)
      C). Only (C)
      D). Both (A) and (B)
      E). None of these
      7). Which of the following can be said about Russia's economy ?
      A). Russia is the fastest growing economy in the world.
      B). The Russian economy is being transformed into a technology-based one.
      C). Oil wealth has been invested in Russia's energy sector only.
      D). Russia's economy is more developed than that of Germany.
      E). Russia has the least number of poor in the world.
      8). Which of the following is most nearly the opposite in meaning to the word 'Enriched' as used in the passage ?
      A). Improved
      B). Injured
      C). Soiled
      D). Disadvantage
      E). Criticised
      9). What does the phrase 'Russia's oil curse' imply ?
      A). High prices of oil-products have meant that common People in Russia cannot afford them.
      B). Russia's oil resources will be completely depleted in the next ten years.
      C). Mismanagement of the Russian oil industry led to the fall of the Soviet Union.
      D). Exploring new oil resources takes a substantia amount of Russia's GDP.
      E). None of the above
      10). Which of the following is most nearly the opposite in meaning to the word 'Stift' as used in the passage ?
      A). Lenient
      B). Formal
      C). Light
      D). Yield
      E). Supple
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      Total Pages : 10