Dear Readers, Here we have given Practice English Reading Comprehension quiz and questions for SBI Clerk and IDBI Executive 2018 Exams with detailed explanation. Candidates those who are preparing for Upcoming Bank Exams can make use of it.
Click “Start Quiz” to attend these Questions and view Solutions
Directions (Q1-10): Read the following passage carefully and answer the questions given below it.
India had the distinction of being the world’s largest economy in the beginning of the Christian era, as it accounted for about 32.9% share of world GDP and about 17% of the world population. The goods produced in India had long been exported to far off destinations across the world. The concept of globalisation is hardly new to India.
Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledgling economy and to achieve self-reliance.
Globalization is the trend of increasing interaction between people on a worldwide scale due to advances in transportation and communication. With increasing interactions between nation-states and individuals, the international trade, ideas, and culture have also been expanding. Globalization is primarily an economic process of integration that has social and cultural aspects.
The transport and communications have accelerated the pace of globalisation over the past 30 years. The internet has enabled fast and 24/7 global communication.
More recently, the rise of social media means that national boundaries have, in many ways become irrelevant as producers use new forms of communication and marketing, including micro-marketing, to target international consumers. The widespread use of smart-phones has also enabled global shoppers to have easy access to ‘virtual’ global markets.
The rise of new electronic payments systems,, including e-Wallets, pre-pay and mobile pay, e-Invoices and mobile pay apps, also facilitate increased global trade.
The emergence of footloose multinational and transnational companies (MNCs and TNCs) and the rise in the significance of global brands such as Microsoft, Apple, Google, Sony, and McDonalds, has been central to the emergence of globalisation. The drive to reduce tax burdens and avoid regulation has also meant the establishment of complex international business structures.
Most economists agree that globalization provides a net benefit to individual economies around the world, by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally around the world.
The impact of globalization has been tremendous. The greater competition among the producers resulting from globalization is a great advantage to consumers as there is greater choice before them. Consumers now enjoy improved quality and lower prices for several products.
Due to the globalization many MNCs have increased their investment in India. It means thousands of people getting highly paid jobs and enjoy much highest standards of living than was possible earlier. Top Indian companies have benefit from increased competition. They have invested in newer technologies and production methods and raised their production standards.
The term globalization are being modified with changing time, in its newest form, has four major parameters. These are free flow of goods and services between countries due to the reduction in trade barriers, Creation of an environment for flow of capital and investment among countries, Free flow of technology from one country to another, Free movement of labor among countries.
True globalization is attainable only if all four components are present. However, globalization has some advantages and some disadvantages.
Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations. It can also be said that globalization has contributed towards increasing the gap between the rich and the poor. Rich and wealthy people are able to exercise more control over the national resources through the application of science and technology.
Globalisation usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payments problem.
Although globalisation promote the idea that technological change and increase in productivity would lead to more jobs and higher wages but during the last few years, such technological changes occurring in some developing countries have resulted more loss of jobs than they have created leading to fall in employment growth rates.
Due to globalization and industrialization, various chemicals have been thrown into the soil which has resulted into the growth of many noxious weeds and plants. This toxic waste has caused a lot of damage to plants by interfering in their genetic makeup. It has put pressure on the available land resources. In various parts of the world, mountains are being cut to make way for a passing tunnel or a highway. Vast barren lands have been encroached upon to pave way for new buildings. While humans may rejoice on the glimmer with these innovations, these can have long-term effects on the environment. Various studies over the years, have found that plastic is one of the major toxic pollutants, as it is a non-biodegradable product. However, plastic is of immense use when it comes to packaging and preserving goods that are to be exported.
Globalization has also led to an increase in the transportation of raw materials and food from one place to another. Earlier, people used to consume locally-grown food, but with globalization, people consume products that have been developed in foreign countries. The amount of fuel that is consumed in transporting these products has led to an increase in the pollution levels in the environment.
Even with so many disadvantages of Globalization, one must admit that no country can afford to ignore the wave of Globalization. Globalization, thus, is a reality. However, adequate care, caution, and measures should be taken to mitigate the ill effects of Globalization
1) According to the passage, which of the following will not be counted as the outcome of globalization?
a) improved living standard
b) technological advancement
c) financial assistance from world bank
d) improved quality of product
e) increased competition
2) According to the passage, as per the newest form of globalization what all can move freely from one country to another?
d) goods and services
e) all of the above
3) According to the passage, which of the following does not support the international business structure or globalization?
a) social media
b) electronic payment system
c) reduce tax burden
d) private financial institutions
e) multinational companies
4) According to the passage, why was India isolated from the international market?
a) for increasing its production
b) for controlling poverty
c) for increasing GDP
d) for achieving the economic goal
e) for achieving self sufficiency
5) According to the passage, which of the following will be considered as the drawback of globalization?
a) balance of payment problems
b) reducing scope of small industries
c) trade deficit
d) economic inequality
e) All except (b)
6) According to the passage, which of the following does not support the statement “Globalization is responsible for environmental degradation”?
a) excessive use of fuel
b) cutting of mountains
c) polluted water of rivers and lakes
d) growth of noxious weeds
e) immense use of plastic
7) Choose the word which as same meaning as the word “accelerated”
8) Choose the word which as same meaning as the word “mitigate”
9) Choose the word which as opposite meaning as the word “complex”
10) Choose the word which as opposite meaning as the word “limiting”
1). Correct Answer is: c)
According to the passage, financial assistance from World Bank has not been mentioned as a result of globalization.
2). Correct Answer is: e)
It is mentioned in the passage that labours, capital and investment, technologies, and goods and services can be moved freely from one country to another according to the newest form of globalization.
3). Correct Answer is: d)
According to the passage “private financial institutions” does not support the globalization.
4). Correct Answer is: e)
It is clearly mentioned in the passage, that India was intentionally isolated from world market in order to achieve self-reliance.
5). Correct Answer is: e)
According to the passage, “reducing scope of small industries” will not be considered as the drawback of globalization as it is not mentioned in the passage.
6). Correct Answer is: c)
According to the passage, “polluted water of rivers and lakes” does not support the given statement as it is not mentioned in the passage.
7). Correct Answer is: e)
The meaning of “accelerate” is “hasten / quicken” and second and third form of verb is “hastened”.
8). Correct Answer is: d)
The meaning of “mitigate” is “alleviate / relieve”.
9). Correct Answer is: d)
The meaning of “complex” is “multipart / complicated” and its opposite is “apparent /discernible”
10). Correct Answer is: d)
The meaning of “limiting” is “preventing/ restricting” and its opposite is “encouraging /elevating”.
Daily Practice Test Schedule | Good Luck
|Topic||Daily Publishing Time|
|Daily News Papers & Editorials||8.00 AM|
|Current Affairs Quiz||9.00 AM|
|Logical Reasoning||10.00 AM|
|Quantitative Aptitude “20-20”||11.00 AM|
|Vocabulary (Based on The Hindu)||12.00 PM|
|Static GK Quiz||1.00 PM|
|English Language “20-20”||2.00 PM|
|Banking Awareness Quiz||3.00 PM|
|Reasoning Puzzles & Seating||4.00 PM|
|Daily Current Affairs Updates||5.00 PM|
|Data Interpretation / Application Sums (Topic Wise)||6.00 PM|
|Reasoning Ability “20-20”||7.00 PM|
|English Language (New Pattern Questions)||8.00 PM|
|General / Financial Awareness Quiz||9.00 PM|