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13.
With each passing day, it is getting easier to believe that the acceleration in India's economic growth from around 6% to 8% is here to stay. The hard part is trying to explain why this has happened. How this is explained is important since it has a bearing on our future policy.
As per conventional wisdom, India's growth accelerated to around 6% in the nineties from the historical rate of 3.5% because 'reforms' had unleashed the pent-up energies of Indian entrepreneurs long shackled by the socialist raj. It slowed subsequently because 'reforms' had lost momentum. The last three years' spurt in growth is the fortuitous result of a global economic boom. Once the world economy slows down, we will be back to 6% growth - unless we proceed with 'second generation' reforms.
However each of these propositions bristles with problems. It is not true that economic growth rate accelerated to 6% in the nineties. In fact, research has shown that the 'structural break' in India's economic growth occurred not in the early nineties but in the eighties, when economic growth accelerated to close to 6%. The growth in the first decade after reforms was not significantly different from the growth rate in the eighties. The 'reforms' in the sense of market-oriented or even pro-business policies did not commence overnight in 1991, but had commenced earlier. Economic policies in the nineties merely helped consolidate an underlying trend.
Subsequently, the world economy slowed down in 2001-03, which put the brakes on the Indian economy. Then came the crucial change, an acceleration to 8% in 2004-06. This cannot be ascribed to any fresh bout of ‘reforms’ or even to the global boom. There have been important structural changes in the economy. One is the rise in the savings rate from 23.5% in 2000-01 to 29.1 % in 2004-05. Most of this increase has come from the turnaround in public savings. Thanks to the rise in the savings rate, the economy has moved on to an altogether higher investment rate. The second structural change is enhanced export competitiveness, reflected in the rising share of exports. The total exports (trade plus invisible receipts) / GDP ratio has risen sharply from 16.9% in 2000-01 to 24.6% in 2005-06. A third, less noticed change in recent years is financial deepening. The bank assets / GDP ratio rose from 48% in 2000-01 to 80% in 2005-06 on the back of a surge in bank credit.
One factor is common to these three structural changes: lower interest rates. The decline in interest rates has helped fiscal consolidation, it has boosted firms' competitiveness and it has led to a huge increase in retail credit. Lower interest rates have been made possible by the rise in inflows on both current and capital accounts. The rise in inflows, in turn, reflects growing overseas confidence in India's economic potential - confidence created by two decades of economic growth of 6%. The sharp depreciation in the rupee in the nineties undoubtedly helped but it is worth recalling that a trend towards rupee depreciation was under way to the eighties itself.[1] The passage DOES NOT discuss
1. factors contributing to lower interest rates
2. the importance of world economy on India's reform rates
3. dimensions of structural changes in India's economic reforms
4. the role of the public sector in India's reforms[2] Which of the following statements is INCORRECT according to the passage?
1. Growth rate after reforms was similar to that in the eighties
2. Reforms in economic policies had started prior to the nineties
3. Structural changes in the Indian economy have helped lower interest rates
4. Increase in public savings rate has contributed to higher investment ratesasked in JMET
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14.
As a memory researcher, I have long been intrigued by the phenomenon of memory failures. What are the different ways that memory can get us into trouble? Bringing together everything I knew of memory's imperfections, lapses, mistakes and distortions, I hit on a way of thinking that helped to make things fall in place. I propose that memory's malfunctions can be divided into seven fundamental transgressions or "sins", which I call transience, absentmindedness, blocking, misattribution, suggestibility, bias, and persistence. Just like the ancient seven deadly sins, the memory sins occur frequently in everyday life and can have serious consequences for all of us.
Transience, absent-mindedness and blocking are sins of omission: we fail to bring to mind a desired fact, event or idea. Transience refers to a weakening or loss of memory over time. It is probably not difficult for you to remember now what you have been doing for the past several hours. But if I ask you about the same activities six weeks, six months, or six years from now, chances are you will remember less and less. Transience is a basic feature of memory, and the culprit in many memory problems.
Absent-mindedness involves a breakdown at the interface between attention and memory. Absent-minded memory errors - misplacing keys or eye-glasses, or forgetting a lunch appointment - typically occur because we are preoccupied with distracting issues or concerns, and do not focus attention on what we need to remember. The desired information is not lost over time; it is either never registered in memory to begin with, or not sought after at the moment it is needed, because attention is focused elsewhere.
The third sin, blocking, entails a thwarted search for information we may be desperately trying to retrieve. We have all failed to produce a name to accompany a familiar face. This frustrating experience happens even though we are attending carefully to the task at hand, and even though the desired name has not faded from our minds - as we become acutely aware when we unexpectedly retrieve the blocked name hours or days later.
In contrast to these three sins of omission, the next four sins of misattribution suggestibility, bias, and persistence are all sins of commission: some form of memory is present, but it is either incorrect or unwanted. The sin of misattribution involves assigning a memory to the wrong source: mistaking fantasy for reality, or incorrectly remembering that a friend told you a bit of trivia that you actually read about in a newspaper. Misattribution is far more common than people realize, and has potentially profound implications in legal settings. The related sin of suggestibility refers to memories that are implanted as a result of leading questions, comments, or suggestions when a person is trying to call up a past experience. Like misattribution, suggestibility is especially relevant to - and can sometimes create havoc within- the legal system.
The sin of bias reflects the powerful influences of our current knowledge and beliefs on how we remember our pasts. We often unknowingly or unconsciously edit or rewrite our previous experiences in light of what we now know or believe. The result can be a skewed rendering of a specific incident, or even an extended period of our lives, which says more about how we feel now than about what happened then.
The seventh sin - persistence - entails repeated recall of disturbing information or events that we would prefer to banish from our minds altogether: remembering what we cannot forget, even though we wish that we could. Everyone is familiar with persistence to some degree: recall the last time that you suddenly awoke at 3:00 AM, unable to keep out of your mind a painful blunder on the job or a disappointing result on an important exam. In more extreme cases of serious depression or traumatic experience, persistence can be disabling and even life-threatening.[1] The above passage implies that
1. sins of commission are more serious memory malfunctions than sins of omission
2. the sin of bills arises as a result of misattribution
3. the sin of persistence most frequently occurs when we are asleep
4. sins of omission involve presence of memory in some form or other
[2] In the passage, the term "transience" refers to
1. transference
2. truculence
3. ephemeral
4. epiphanic[3] The above passage DOES NOT mention
1. impact of memory malfunctions on daily lives
2. reasons for memory malfunctions
3. relationship between seven memory sins and seven deadly sins
4. lapses and distortions of memoryasked in JMET
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15.
Pick up a glossy magazine or newspaper supplement and there will almost certainly be at least one double page spread that looks like a regular editorial page but is headed up either 'promotion' or 'advertisement'. These hybrids - unattractively but aptly called advertorials - are being used with increasing frequency by a growing number of companies. Traditionally the preserve of high-technology clients with a complicated message to get across to potential customers, the use of this technique has now spread to sectors like financial services, alcohol and automobiles.
One major reason why marketing departments are becoming more receptive to ideas for advertorials is that publishers are pursuing them more aggressively at a time of shrinking ad budgets, while they are being treated far more professionally in a bid to persuade clients that this is a creative opportunity to spread their message to their target audiences. Pouring more imagination into them allied with raising production standards has also been a means whereby the commercial executives of magazines and newspapers can try to convince skeptical editors who strongly disapprove of blurring the advertising / editorial line of their worth.
What advertorials are about is control - controlling the message in an editorial format. Positive editorial coverage of a company and / or its products in credible publications is the best publicity any company can hope for, but often proves elusive. A successful advertorial can pinpoint the way the company delivers its message to the heart of its target audience.
High technology was one of the main sources of early advertorials - unsurprisingly the products are complex and need to be explained with some technical detail to get the story across. That is not so easy with traditional advertising.
Advertorials can also to some degree circumvent journalistic indifference to what a company is doing because editorial coverage has already been so extensive. For example, in the case of a company like Compaq, whose swift growth in the computer market attracted many inches of editorial space, that very success can lead to journalists wondering how they can write something different about Compaq. There can be diminishing returns from an editorial point of view. So advertorials let the company present things editorially but with bought space. While they should be strongly labeled, information is being given to readers in a format that looks familiar.[1] In the above passage, the phrase "blurring the advertising / editorial line of their worth" implies
1. diluting the perceived quality of their editorials
2. hiding the actual value of the paper
3. obscuring the actual facts in the paper
4. devaluing the advertising potential of the editorials[2] In the light of your reading of the passage above, identify the option that contains the set of words CLOSEST in meaning to the set of words in CAPITALS:
SCEPTICAL: CIRCUMVENT : ELUSIVE
1 incredulous : surround : baffling
2. doubtful : avoid : evasive
3. thoughtful: deceit: illustrative
4. philosophical : revolve : deceptive[3] According to the passage,
1. high technology does not support traditional advertising
2. traditional joumalists are indifferent to advertorials
3. advertorials facilitate advertising of complex products in a professional manner
4. advertorials occupy double page spreads in magazines[4] The passage DOES NOT discuss
1. attitude of journalists towards advertising
2. advertorials and the publishing industry
3. use of advertorials in industries
4. impact of new technologies on advertorialsasked in JMET
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16.
I feel that this award was not made to me as a man, but to my work - a life's work in the agony and sweat of the human spirit, not for glory and least of all for profit, but to create out of the materials of the human spirit something which did not exist before. So this award is only mine in trust. It will not be difficult to find a dedication for the money part of it commensurate with the purpose .and significance of its origin. But I would like to do the same with the acclaim too, by using this moment as a pinnacle from which I might be listened to by the young men and women already dedicated to the same anguish and travail, among whom is already that one who will some day stand here where I am standing.
Our tragedy today is a general and universal physical fear so long sustained by now
that we can even bear it. There are no longer problems of the spirit. There is only the question: When will I be blown up? Because of this, the young man or woman writing today has forgotten the problems of the human heart in conflict with itself which alone can make good writing because only that is worth writing about, worth the agony and the sweat.
He must learn them again. He must teach himself that the basest of all things is to be afraid; and, teaching himself that, forget it forever, leaving no room in his workshop for anything but the old verities and truths of the heart, the old universal truths lacking which any story is ephemeral and doomed - love and honor and pity and pride and compassion and sacrifice. Until he does so, he labors under a curse. He writes not of love but of lust, of defeats in which nobody loses anything of value, of victories without hope and, worst of all, without pity or compassion. His griefs grieve on no universal bones, leaving no scars. He writes not of the heart but of the glands.
Until he relearns these things, he will write as though he stood among and watched the end of man. I decline to accept the end of man. It is easy enough to say that man is immortal simply because he will endure: that when the last ding-dong of doom has clanged and faded from the last worthless rock hanging tideless in the last red and dying evening, that even then there will still be one more sound: that or his puny inexhaustible voice, still talking. I refuse to accept this. I believe that man will not merely endure: he will prevail. He is immortal, not because he alone among creatures has an inexhaustible voice, but because he has a soul, a spirit capable of compassion and sacrifice and endurance. The poet's, the writer's, duty is to write about these things. It is his privilege to help man endure by lifting his spirit, by reminding him of the courage and honor and hope and pride and compassion and pity and sacrifice which have been the glory of his past. The poet's voice need not merely be the record of man, it can be one of the props, the pillars to help him endure and prevail.[1] The phrase "labors under a curse" in paragraph 3 means that the young writer
1. is under a curse, so to speak
2. continues to work though he is cursed
3. is condemned to be abject
4. is given to lusts[2] Which of the following inferences CANNOT be drawn from the passage?
1. Good writing is always about the conflicted human heart
2. A writer should overcome his fear and advocate the universal truths
3. A writer should not seek money or fame
4. A writer should espouse the immortality of the human soul[3] Which of the following is the MOST APT title for this passage?
1. The Tragedy of Mankind
2. Human Heart in Conflict
3. The Writer's Duty
4. The Spirit of Man
asked in JMET
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17.