CAT Model Paper 8 Questions and Answers with Explanation Part 9

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Read the passage below and answer the questions that follow it.

Jim O’Neill, Chief Economist of Goldman Sachs, coined the acronym “BRICs” in a briefing paper issued in London on November 30, 2001. The briefing (Building Better Economic BRICs) described how Brazil, Russia, India and China, all chosen on the basis of population, economic development and attitudes towards globalization, were reshaping the world in terms of economic power. The briefing note also boldly predicted that by 2041 (then revised to 2039) these nations would eclipse the six largest Western nations with regard to economic output. In other words, Russia, Brazil, India and China would soon reshape the world, not only in terms of money, but also in terms of influence and ideas.

Even Goldman Sachs had another go, coining the new acronym N-11 to describe the Next Eleven economic powerhouses (Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam).

However, despite the cynicism, nobody to date has managed to shoot the BRIC tag down. In fact, following the global recession that started in2007/8, the concept seems stronger than ever.

Asian and southern economic power is still rising and, with the arguable exception of Russia, all of the BRIC nations have emerged from the Global Financial Crisis (GFC) stronger economically than their Western counterparts, which are suffering varying degrees of decline. Goldman now predicts that China will eclipse the USA economically by 2027 and that the BRIC bloc will overtake the six leading Western nations by 2031 ten years sooner than originally predicted.

This doesn’t necessarily imply a military threat, but culturally and economically the West is set for relative decline and tensions will rise.

This applies not only to Western inspired global institutions, but also to Western belief systems and brands. Moreover, the BRIC concept isn’t a purely intellectual exercise. So, will the BRICs keep growing or could some cracks start to appear in the bloc? The most likely outcome is exactly what Goldman says it is - that the BRIC nations will largely dominate the world economy. However, it could also turn out that the bloc, like Europe, is a disparate group and it’s quite likely that one or more of the nations could fall over financially or become isolationist, turning inwards.

China, arguably, has a property bubble in the making, its financial system is suspect (shades of the Japanese banking system prior to their “lost decade”), water is an issue, they are running out of low cost rural migrants and the imbalance of young males in China’s population could cause trouble if economic growth slows and unemployment starts to rise. Meanwhile, Russia is a tinderbox politically and Brazil's prospects seem to rise and fall all the time depending upon the latest economic numbers and the whims of newspaper and magazine editors. This leaves India, where infrastructure is being pushed to its physical limits and where corruption is endemic. Even Japan, which is outside the group, is a case study in historical ebb and flow, illustrating how economic might doesn't always translate into global muscle.

This leaves the USA, which is probably far more resilient than most people realize, thanks to a mix of favourable demographics (a high fertility rate plus a “can do” attitude towards immigration) and cultural factors that include the American Dream. Even so, things could get nasty. If the global economy moves in the way that some people predict, what we’ll see is a huge structural shift whereby the East becomes vastly wealthier than the West. In Europe, for instance, this could mean rising expectations meeting declining opportunities and incomes. This could, in turn, lead to anger and resentment, which will create a fertile environment for extremist politicians offering xenophobic and protectionist solutions.

Q: 47. “In other words” “but also in terms of influence and ideas” Which country does the author cite as a counter example to the above prediction?

(A) China

(B) Russia

(C) Japan

(D) India

Ans: C

Solution:

The highlighted phrase implies that the importance of the BRIC‟s countries would increase not just in terms of economic wealth, but also in terms of ideas and influence. In the passage Japan is cited in the second last paragraph, last line to show that economic growth doesn’t always lead to greater influence. That is a counter example to the above belief.

Q: 48. With respect to India, what does the author mean when says that “corruption is endemic”?

(A) Corruption in India has spread across the country like an epidemic.

(B) Corruption in India has taken deep roots and is almost impossible to eradicate.

(C) Is so widely prevalent that it seems natural to the region.

(D) May prevent India from fulfilling the BRIC‟s prediction.

Ans: C

Solution:

Endemic means characteristic of or prevalent or native to a particular people or country. Refer to the second last paragraph which talks about corruption being prevalent in India.

Q: 49. Which of the following has NOT been cited as a possible reason for BRIC cracking up?

(A) China could be heading towards a financial crisis.

(B) The BRIC economics could move away from globalization and usher protectionism.

(C) India cannot sustain its growth rate without heavy investments in Electricity, Roads, ports etc

(D) Rising energy prices especially that of Oil and gas can adversely affect the growth rate.

Ans: D

Solution:

Sentences A, B and C have all been cited as potential roadblocks for BRIC‟s countries; Financial Market weaknesses for China, Infrastructure for India etc. Also Para D last line mentions that one or more of these countries can become isolationist and turn inwards.

Q: 50. What would be a possible title for the passage?

(A) Emerging Nations:

(B) The rise and fall of the economic powers

(C) The West is on the wane

(D) The Fallacy of long term predictions

Ans: C

Solution:

Brazil, Russia and India are from different parts of the world and cannot be classified as “east”. Similarly the author is a bit uncertain about the BRIC‟s prophecy and says that things may still go wrong. However, the author is clear on one thing that the west is clearly on the decline. Choice B is too general.

End Passage

Q: 51. The five sentences given in the options below are labelled as 1, 2, 3, 4 and 5. Of these, four sentences can be arranged in a logical order to form a coherent paragraph/passage. From the given options, choose the option that does not fit the sequence.

1. Plato explicitly compares his ideal society to a beehive and the metaphor of an insect colony.

2. In this society the individual is significant as it has a distinct nature and structure.

3. Its rigid division of labour and complete subordination of the individual to the requirements of the collective is apt.

4. In the movie Antz, the ant society is rigidly divided into three classes, aristocrats, soldiers and workers.

5. Everyone has their place”, the queen ant tells the princess, “˜You, the soldiers, the workers.”

(A)

(B)

(C)

(D) None of these

Ans: B

Solution:

Sentences A, C, D, and E – all talk about the ideal society as one that could be compared to a beehive or an ant colony, one where there is complete subordination of the individual to the collective society. On the other hand sentence B talks about the significance of the individual which is completely different from the other sentences which form a sequence.

Q: 52. From the paragraph below the last sentence has been deleted. From the given options, choose the one that completes the paragraph in the most appropriate way

The reformer must know that what moves people is the authentic life, not mere writing. The newspapers and journals that Lokmanya Tilak and Gandhiji ran the books they wrote, sold little, but had enormous effect. Their writing was known to reflect and be an extension of their exemplary lives. It was the authenticity of their example. All knew that their lives were an integral whole.

(A) A writer, out to merely entertain his readers; can do what he wants with the rest of his life.

(B) They could have possibly done more if they had been present today.

(C) They were not moral in public life and lax in private.

(D) Their message rules millions of hearts and ennobles their lives.

Ans: C

Solution:

The main idea is why a reformer’s writings are effective. It is because they present what is real. This idea has been best concluded in c which says they were same in what they did and what they wrote. Sentence a is about what writers can do which is not the main idea. Sentence b is irrelevant and d is more of an exaggerated repetition of the idea that their writings were very effective.

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