Directions(1-3): The following questions have two blanks, each blank indicating that something has been omitted. Choose the set of words for each blank that best fits in the context of the sentence.
- It was free pedicure as we rubbed the soles of our feet on the stone steps and dangled _______ in the water for the fish to nibble away _________ the dirt.
them, freethem, atthey, atthey, fromfeet, fromOption B
feet are being talked about as initially mentioned in the sentence, and repetition of the noun isn’t correct grammar and thus pronoun referring to the feet ‘them’ will be used. For the second blank, one nibbles ‘at’ food.
It was free pedicure as we rubbed the soles of our feet on the stone steps and dangled them in the water for the fish to nibble away at the dirt. - Legend _____ be a shadow ______ the past.
might, ofmight, frommay, tomay, inNone of theseOption A
‘Shadow of’ is a common phrase. Thus, in the second blank, ‘of’ will be used and in the first, ‘might’ fits well.
Legend might be a shadow of the past. - The lake _________ home to the unique mangrove forests, whose stilt roots on muddy waters _____ a paradise for a variety of shrimps, crabs, shellfish and eels.
is, wasare, wereare, isis, areNone of theseOption D
Lake is singular, thus ‘is’ will be used and stilt roots are plural thus are will be used.
The lake is home to the unique mangrove forests, whose stilt roots on muddy waters are a paradise for a variety of shrimps, crabs, shellfish and eels. - What according to the passage is the reason for the recent increase in prices of petrol and diesel?
Fluctuating Prices in international marketThe introduction of the daily pricing policyThe deregulation of petrol and diesel pricingCannot be determinedNone of theseOption D
- “A comparison of crude oil prices with domestic petrol and diesel prices, however, suggests that this argument is far from convincing.” What argument is being talked about in this statement?
The advantage of decrease in oil prices in the international market will pass on to Indian consumersThe daily pricing policy will ensure lower fuel prices for the domestic consumersSudden increase in crude oil prices in the international market won’t affect prices of fuel in domestic marketAll of theseNone of theseOption A
“The government, for now, has ruled out any change to the current pricing policy arguing that it, in fact, ensures that the benefit of lower international crude oil prices is passed on to domestic consumers. A comparison of crude oil prices with domestic petrol and diesel prices, however, suggests that this argument is far from convincing.” - “The cost of fuel which was earlier determined by cost plus pricing approach is now being determined by the demand and supply factors which is resulting in higher fuel prices for the end consumer.”
This statement is:Definitely TrueDefinitely FalseProbably TrueProbably FalseCannot be determinedOption A
Refer to “The deregulation of petrol and diesel pricing, in 2010 and 2014 respectively, caused fuel prices to be determined primarily by the forces of supply and demand rather than input costs. Traditionally, fuel prices were determined on a cost-plus basis, which led domestic prices to fall in line with the cost of inputs like crude oil.” - What, according to the passage shows that the government and not the domestic consumers has been a real beneficiary of lower crude oil prices since 2014?
The government is able to increase fuel prices while escaping any political backlash.Introduction of GST with the highest tax slab of 28% imposed on fuel makes the government earn heavy toll.The excise duty collection of the government has increased more than two times in a period of three yearsAll of theseCannot be determinedOption C
Refer to “The government’s excise duty collection, for instance, has more than doubled during the period 2014-17, from ₹99,184 crore to ₹2,42,691 crore. This suggests quite clearly that the government, not the consumer, has been the biggest beneficiary of lower crude oil prices since 2014.” - Which of the following statements, according to the passage is definitely false?
Implementation of GST at tax slab of 28%, would decrease the tax on fuelThe current taxation approach on fuel is more beneficial for the government than for the consumers.Under the free pricing regime, lower international crude oil prices led to lower domestic fuel prices.The deregulation of petrol and diesel pricing took place in both the years; 2010 and 2014Both C & DOption C
Refer to “Still, lower international crude oil prices should have led to lower domestic fuel prices even under the free pricing regime, if not for the heavy
taxes imposed on domestic fuels.” - Choose the word which is most similar in meaning to the following words as used in passage:
Kick in
PushTopPeakStartNone of theseOption D
Kick in means to start/begin. - Choose the word which is most similar in meaning to the following words as used in passage:
Rungs
LadderStagesLaterPeopleNone of theseOption B
Rungs means steps/stages.
Directions(4-10): Read the passage given below and answer the questions that follow based on it.
Petrol and diesel prices have crept up slowly over the last three months, but without inviting the kind of anger and criticism usually directed at such fuel price hikes. The price of petrol in the Capital, for instance, has cumulatively increased by almost ₹5 since the introduction of the daily pricing policy on June 16 this year. Daily pricing is now being seen by many as a ploy to increase prices while allowing the government to escape any political backlash. The government, for now, has ruled out any change to the current pricing policy arguing that it, in fact, ensures that the benefit of lower international crude oil prices is passed on to domestic consumers. A comparison of crude oil prices with domestic petrol and diesel prices, however, suggests that this argument is far from convincing. In 2012, when India purchased a barrel of crude for around $120, a litre of petrol was sold at around ₹65 in retail fuel stations. Today, when the Indian crude basket price has dropped to around $50, the retail price of petrol is well over the ₹70 mark. This does not come as much of a surprise. The deregulation of petrol and diesel pricing, in 2010 and 2014 respectively, caused fuel prices to be determined primarily by the forces of supply and demand rather than input costs. Traditionally, fuel prices were determined on a cost-plus basis, which led domestic prices to fall in line with the cost of inputs like crude oil.
Still, lower international crude oil prices should have led to lower domestic fuel prices even under the free pricing regime, if not for the heavy taxes imposed on domestic fuels. Excise duty and value added tax are the main culprits in this regard. In fact, about half the price paid by the Indian end-consumer for petrol goes towards paying these taxes. The government’s excise duty collection, for instance, has more than doubled during the period 2014-17, from ₹99,184 crore to ₹2,42,691 crore. This suggests quite clearly that the government, not the consumer, has been the biggest beneficiary of lower crude oil prices since 2014. These taxes impose an artificial limit on the amount of supply that can be profitably sold to the Indian consumer, which in turn leads to consumers paying higher prices for petrol and diesel. In fact, an alternative tax such as the goods and services tax (GST), even at its highest slab of 28%, would substantially lower the current tax burden on fuels. Apart from making petrol and diesel more affordable to many more people in the lower rungs of the economy, it will also decrease the economic distortions caused by extraordinarily high taxes imposed on automobile fuels that are widely used. Along with lower taxes, greater competition in the fuel retailing market will allow further cost efficiencies to kick in and lead to lower prices for consumers.
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