Directions (1Q - 3Q): Read the following passage carefully and answer the questions given below it. Certain parts are given in bold to answer some of the questions based on the passage.
Today, emerging markets account for more than half of world GDP on the basis of purchasing power, according to the International Monetary Fund (IMF). In the 1990s, it was about a third. In the late 1990s, 30% of countries in the developing world managed to increase their output per person faster than America did, thus achieving what is called “catch-up growth”. That catching up was somewhat lackadaisical: the gap closed at just 1.5% a year. Some of this was due to slower growth in America; most was not. The most impressive growth was in four of the biggest emerging economies: Brazil, Russia, India, and China (BRICs). These economies have grown in different ways and for different reasons. The remarkable growth of emerging markets in general and BRICs, in particular, transformed the global economy in many ways, some wrenching.
Commodity prices particularly soared and the cost of manufacture and labor sank. A growing and vastly more accessible pool of labor in emerging economies played a part in both wage stagnation and rising income inequality in rich ones. Global poverty rates tumbled. Gaping economic imbalances fuelled an era of financial vulnerability and laid the groundwork for a global crisis. The shift towards the emerging economies will continue. But its most tumultuous phase seems to have more or less reached its end. Growth rates have dropped. The nature of their growth is in the process of changing, too and its new mode will have fewer direct effects on the rest of the world. The likelihood of growth in other emerging economies having an effect in the near future comparable to that of BRICs in the recent past is low. The emerging giants will grow larger, and their ranks will swell but their tread will no longer shake the Earth as once it did.
After the 1990s there followed ‘convergence with a vengeance’. China’s pivot towards liberalization and global markets came at a propitious time in terms of politics, business, and technology. Rich economies were feeling relaxed about globalization and current account deficits. America, booming and confident, was not troubled by the growth of Chinese industry or by off-shoring jobs to India. And the technology etc necessary to assemble and maintain complex supply chains were coming into their own, allowing firms to spread their operations between countries and across oceans. The tumbling
costs of shipping and communication sparked globalization’s “second unbundling” (the first was the simple ability to provide consumers in one place with goods from another). As longer supply chains infiltrated and connected places with large and fast-growing working-age populations, enormous quantities of cheap new labor became accessible. Advanced economies added about 160m non-farm jobs between 1980 and 2010. In 2007 China’s economy expanded
by an eye-popping 14.2%. India managed 10.1 % growth, Russia 8.5%, and Brazil 6.1 %. The IMF now reckons there will be a slowdown in growth. China will grow by just 7.8% in 2013, India by 5.6% and Russia and Brazil by 2.5%.
Other countries have impressive growth potential. The “Next 11” (N11) includes Bangladesh, Indonesia, Mexico, Nigeria, and Turkey. But there are various reasons to think that this N11 cannot have an impact on the same scale as that of the BRICs. The first is that these economies are smaller. The N11 has a population of just over 1.3 billion -less than half that of the BRICs. The second is that the Nil is richer now than the BRICs were back in the day. The third reason that the performance of the BRICs cannot be repeated is the very success of that performance. The world economy is much larger than it used to be – twice as big in real terms as it was in 1992, according to IMF figures. But whether or not the world can build on a remarkable era of growth will depend in large part on whether the new giants tread a path towards greater global co-operation – or stumble, fall and, in times of tumult and in the worst case, fight.
Q1. According to the passage, which of the following is a reason for the author’s prediction regarding N11 countries?
A. N11 countries are poorer, have fewer resources than BRIC countries and do not have much
scope to grow.
B. The size of these countries is too great to fuel a high rate of growth as expected by BRICs countries.
C. The world economy is so large that the magnitude of growth from these countries will have to be huge to equal the growth of BRICs.
D. These economies are agricultural and have not opened up their economies yet so their scope of growth is greater than that of BRICs.
E. Other than those given as options
N11 countries are poorer, have fewer resources than BRIC countries and do not have much
scope to grow.
Q2. Choose the word which is most nearly the SAME in meaning as the word TUMBLING given in bold as used in the passage.
tumbling - reducing
Q3. What is the author’s view of globalisation’s “second unbundling”?
A. It-proved beneficial since it created a large number of jobs and tremendous growth in crossborder trade.
B. It disturbed the fragile balance of power among BRIC nations and caused internal strife.
C. It caused untold damage to America’s economy since it restricted the spread of American farms off-shore.
D. It proved most beneficial for the agricultural sector, creating huge employment opportunities.
E. Citizens in advanced countries became much better off than those in emerging economies.
It-proved beneficial since it created a large number of jobs and tremendous growth in crossborder trade.
Directions (4Q - 5Q): Read the following questions which are SENTENCE FILLERS and answer them below.
Q4. ________________. And all that, without compromising long-term prospects for development. It is determined by the degree to which individuals, communities and public and private organisations are capable of organising themselves to learn from past disasters and reduce their risks to future ones, at international, regional, national and local levels.
A. Actions carried out in a disaster situation with the objective to save life, alleviate suffering is of utmost importance.
B. Disaster resilience is the ability of individuals, communities,to adapt to and recover from hazards, shocks or stresses.
C. It comes by years of expertise in areas concerned with disaster management.
D. Most experts calls for strict building standards, advanced detection technology, flood prevention infrastructure
E. Any natural disaster hampers people’s livelihood and economy as well.
Disaster resilience is the ability of individuals, communities,to adapt to and recover from hazards, shocks or stresses.
Q5. Waste management can be done in two ways: one is through waste reduction, and two through recycling. _________________. As such, the emission of greenhouse gas and other forms of pollutant will be reduced by a large percentage. Reusing and recycling of used items will also result in less production of new products.
A. Only 68% of the garbage generated in the country is collected.
B. In this process the solid is converted in to liquid state and liquid is converted in to gas
C. These products of treatment can then be used for the production of energy.
D. With rapid urbanization, industrialization and an explosion in population in India, solid waste management will be a key.
E. Consistent waste reduction and recycling activities mean there will be less waste materials to be sent to landfills and incinerators
Consistent waste reduction and recycling activities mean there will be less waste materials to be sent to landfills and incinerators