English: Reading Comprehension Set 21

Directions: Read the following passage and answer the questions that follows.

We are told that the economy is growing and that such growth benefits all of us. However, what you see is not always what you get. Most people are experiencing declining economic security in response to the problems of the global system. Many communities have turned to Local Exchange System(LES) to help regain some control over their economic situations.

Local exchange system come in many forms. They often involve the creation of a local currency, or a system of bartering labour, or trading of agricultural products as a means of supporting the region in which they are traded. Sucha system helps preserve the viability of local economies.

Local currencies alllow communities to deversify their economies, reinvest resources back into their region and reduce dependence on the highly concentrated and unstale gloal economy. Each local currency system serves as an exchsnge bank fr skills and resources that individuals in the community are willing to trade. Whether in the form of paper money, service credits, or other units, a local currency facilitates the exchange of services and resources among the members of a community.

By providing incentives for local trade, communities help their small business an reduce under-employment by providing the jobs within the community. In addition, the local exchange of foods and seeds promotes environmental conservation and community food security. Local food production reduces wasteful transportation and promotes self-reliance and genetic diversity. Each transaction within a local exchange system strengthens the community fabric as neighbors interact and meet one another.

There are over 1000 local exchange programes worldwide – more than 0 local paper currencies in North America and at least 800 Local Exchange Trading Systems (LETS) throughout Europe, New Zealand, and Australia. Local Exchange Systems vary and evolve in accordance with the needs and circumstances of the local area. This diversity is critical to the success of the local currencies. For instance, a bank in rural Massachusetts refused to lend a farmer the money needed to make it through the winter. In response, the farmer decided to print his own money Berkshire Farm Preserve Notes. In winter, customer buy the notes for 9 dollars and they may redeem them in the summer for 10 dollars worth of vegetables. The system enabled the community to help a farm family after being abandoned by the centralized monetary system. As the small family farms continue to disappear at an alarming rate, local currencies provide tool for communities to bind together, support their local food growers and maintain their local food suppliers.

Local Exchange Systems are not limited to developed countries. Rural areas o Asia , Latin America and Africa have offered some of the most effective and important programmes, by adopting agriculture-based systems of exchange rather than monetary ones. In order to preserve genetic diversity an economic security, and avoid many dependence on industrial seed saving exchange banks. For example, the village women in Ladakh have begun to collect and exchange rare seeds selected for their abilities to grow in a harsh mountain climate. This exchange system, which is exactly why they are successful vehicles for localisation and sustainability. They promote local economic diversity and regional self-reliance while responding to a region’s specific needs. Local exchange system plays a pivotal role in creating models for sustainable societies . They are an effective educational tool, raising awareness about the global financial system and local economic matters. Local exchange systems also demonstrate that tangible , creative solutions exist and that communities can empower themselves to address global problems.

Which of the following is SAME in meaning as the word ‘limited to’ as used in the passage?A) restricted to B) extending beyiond
C) validated for
D) adjusted
E) custodial

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Option A
Which of the following can be suitable title for the passage?
A) reasons LES must rule over the regular currency
B) Methods to escape gobal economic issues
C) Dependence of Asian countries on LES
D) Role of LES in Development of communities
E) LES – A futile exercise

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Option D
Which of the following is most nearly the OPPOSITE in meaning of the word ‘pivotal’ as used in the passage?
A) essential
B) unnourished
C) healthy
D) overriding
E) trivial

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Option E
As mentioned in the passage, there is no set design to initiate local exchange system as:
i. they tend to work well onlly in selcted countries
ii.they are reggion specific
iii.they are too complicated to understand
A) Only i
B) Only ii
C) Both i amnd iii
D) Both i and ii
E) Only iii

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Option B
Which of the following is most nearly the opposite meaning of the word ‘bind’ as used in the passsage?
A) visionless
B) separate
C) associate
D) loosen
E) reunite

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Option B
Which of the following stateents is TRUE in the context of the passage?
A) LES works well only in countries whose economies are based primarily on agriculture
B) LES increases unhealthy competition between communities from different region
C) LESs encourage communities to become sef-supporting
D) LESs are restricted to trading with paper money only
E) None are true

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Option C
As mentioned in the passage, local currencies can prove beneficial for the community as they:
i. assist in creating job opportunities
ii.indirectly hlp inconerving the environment
iii.aid in minimising reliance on global economy
A) Only i
B) Only ii
C) Both i and iii
D) Both i and ii
E) Only iii

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Option C
Which of the following is the meaning of the phrase ‘what you see is not what you always get’ as mentioned in the passage with respect to the present economic situation in the country?
A) Sharing information without hiding facts
B) Being pessimistic while presenting information
C) Moodiffying information after taking consent from every stakeholdere
D) waiting to share positive information
E) what is presented may not necessarily be true

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Option E
Which of the following is most nearly the OPPOSITE in meaning of the word ‘regain’ as used in the passage?
A) recover
B) restart
C) forfeit
D) revalue
E) liberate

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Option C
As mentioned in the passage, the statistics with respect to LES highlight that
A) very few countries are aware of such programmes.
B) they face more resistance from developed countries than developing ones.
C) they are becoming popular among communities across the globe
D) they lack support of farmers
E) the gap between the rich and the poor is increasing

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Option C