IAS (Admin.) Prelims CSAT Paper-II (Aptitude): Questions 71 - 74 of 175

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Passage

Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalization of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self-correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip. Their arguments betray an “ideological bias” with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.

Few recognize the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualization of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity. (2014)

Question number: 71 (3 of 3 Based on Passage) Show Passage

» Decision Making and Problem Solving » Decision Making

MCQ▾

Question

The apologists of the “Free Market System”, according to the passage, believe in

Choices

Choice (4) Response

a.

ability of market to self-correct.

b.

market without control by government authorities.

c.

market without protection by the government.

d.

market for free goods and services.

Passage

It is easy for the government to control State-owned companies through nods and winks. So what really needs to be done as a first step is to put petrol pricing on a transparent formula - if the price of crude is x and the exchange rate y, then every month or fortnight, the government announces a maximum price of petrol, which anybody can work out from the x and the y. The rule has to be worked out to make sure that the oil-marketing companies can, in general, cover their costs. This will mean that if one company can innovate and cut costs, it will make greater profits. Hence, firms will be more prone to innovate and be efficient under this system. Once the rule is announced, there should be no interference by the government. If this is done for a while, private companies will re-enter this market. And once a sufficient number of them are in the fray, we can remove the rule-based pricing and leave it truly to the market (subject to, of course, the usual regulations of anti-trust and other competition laws). (2014)

Question number: 72 (1 of 2 Based on Passage) Show Passage

» Logical Reasoning » Inference

MCQ▾

Question

According to the passage, private oil companies re-enter the oil producing market if

1. a transparent rule-based petrol pricing exists.

2. there is no government interference in the oil producing market.

3. subsidies are given by the government.

4. regulations of anti-trust are removed.

Which of the statements given above are correct?

Choices

Choice (4) Response

a.

2 and 4

b.

2 and 3

c.

3 and 4

d.

1 and 2

Question number: 73 (2 of 2 Based on Passage) Show Passage

» Logical Reasoning » Inference

MCQ▾

Question

According to the passage, an oil company can make greater profits, if a transparent formula for petrol pricing is announced every fortnight or month, by

1. promoting its sales.

2. undertaking innovation.

3. cutting costs.

4. selling its equity shares at higher prices.

Which of the statements given above is/are correct?

Choices

Choice (4) Response

a.

1 only

b.

1, 2 and 4

c.

3 and 4

d.

2 and 3

Question number: 74

» Abstract (Diagrammatic) Reasoning » Sequence Completion

Appeared in Year: 2014

MCQ▾

Question

Consider the following figures: Change in positions of beads in the four figures above follows a sequence. Following the same sequence, which of the figures below should appear as the fifth figure above?

Finding the next in the sequence of lines joining circles

Finding the Next in the Sequence of Lines Joining Circles

Finding the next in sequence of lines joining circles

Choices

Choice (4) Response

a.

a

b.

d

c.

b

d.

c

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