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RBI Assistant Prelims Mock Test - 6 - Bank Exams MCQ


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30 Questions MCQ Test RBI Assistant Mock Test Series & Past Year Papers 2024 - RBI Assistant Prelims Mock Test - 6

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RBI Assistant Prelims Mock Test - 6 - Question 1

Read the given passage and answer the questions that follow.

Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

Just because you can buy NFTs, does that mean you should? It depends, Yu says.

“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.

But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

Q. Which of the following describes the main idea of the passage?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 1
Option B best describes the main idea of the passage. The central theme being - NFTs are gaining notoriety now in 2022 because they are becoming an increasingly popular way to buy and sell digital artworks.

Therefore, option B is correct.

RBI Assistant Prelims Mock Test - 6 - Question 2

Direction: Fill in the blank with the most appropriate word from the list of options given below.

While we got independence from British rule on August 15, 1947, our country was still _______ a concrete constitution.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 2
The tense used in the given sentence must be past continuous tense. The past continuous tense is used to show that an ongoing past action was happening at a specific moment of interruption.

The structure for the past continuous tense: was/were + verb in -ing form

Notice the verb 'was' used before the blank. So, we must use the present participle 'lacking' in the blank.

Complete sentence: While we got independence from British rule on August 15, 1947, our country was still lacking a concrete constitution.

Hence, the correct option is (C).

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RBI Assistant Prelims Mock Test - 6 - Question 3

In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.

he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.

Which of the following words can be placed in (A) to make a contextually correct and meaningful sentence?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 3
Arguments mean exchange of diverging or opposite views, typically a heated or angry one.

Tiff means a petty quarrel usually between friends or lovers.

The passage talks about disagreements or difference of opinions in the most significant environmental case. Among the given options, arguments replaces the bold part most appropriately.

Therefore, option A is correct.

RBI Assistant Prelims Mock Test - 6 - Question 4

Direction: Fill in the blank with the most appropriate word from the list of options given below.

Multinationals can all too easily relocate their headquarters and production to _________jurisdiction levies the lowest taxes.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 4
According to grammar, 'to' is a preposition and after the preposition, we need a prepositional object and it can be a noun/pronoun/gerund. In the given options, the pronouns are given hence according to meaning the correct pronoun is 'whatever'.

Complete sentence: Multinationals can all too easily relocate their headquarters and production to whatever jurisdiction levies the lowest taxes.

Hence, the correct option is (E).

RBI Assistant Prelims Mock Test - 6 - Question 5

Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.

I. Many of the impacts of global warming are now simply "irreversible" according to the UN's latest assessment.

II.The Intergovernmental Panel on Climate Change says that humans and nature are being push beyond their abilities to adapt.

III. Over 40% of the world's population are "highly vulnerable" to climate, according to the UN’s latest study.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 5
II is incorrect in the sense that incorrect verb form of push has been used here. The correct verb form will be ‘pushed’.

I and III are correct.

Therefore, option D is correct.

RBI Assistant Prelims Mock Test - 6 - Question 6

Direction: Fill in the blank with the most appropriate word from the list of options given below.

Saturn has ___________ from Jupiter as host to the most moons in the solar system after astronomers spotted 20 more lumps of rock orbiting the ringed planet.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 6
Here, the blank is to be filled with one of the given phrasal verbs.

Taken over means to replace someone. In the given sentence, it talks about the Jupiter taking the place of Saturn as a host. Thus, this phrasal verb suits the best.

Complete sentence: Saturn has taken over from Jupiter as host to the most moons in the solar system after astronomers spotted 20 more lumps of rock orbiting the ringed planet.

Hence, the correct option is (A).

RBI Assistant Prelims Mock Test - 6 - Question 7

Read the given passage and answer the questions that follow.

Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

Just because you can buy NFTs, does that mean you should? It depends, Yu says.

“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.

But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

Q. Given in bold in the passage is the word ‘crafted’. Which word is synonymous among the given options and replaces the bold part most appropriately?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 7
Materialized is a synonym of ‘crafted’, which means represent or depict something artistically.

Bespoke means made for particular someone.

Curate means select, organize, and present.

Among the given words rendered replaces the bold part most appropriately.

Therefore, option B is correct.

RBI Assistant Prelims Mock Test - 6 - Question 8

Direction: Read the sentence to find out whether there is an error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, the answer is (E). Ignore errors of punctuation, if any.

Despite Rakesh’s best efforts, (1)/ David has forgotten (2)/ which of his son-in-laws he (3)/ should be angry with. (4) / No Error (5)

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 8
The correct answer is option (C), which of his son-in-laws he:
  • Here, ‘son-in-laws’ should be replaced with ‘sons-in-law’.

  • Son-in-law is a compound noun and when a compound noun is made plural ‘s’ is added to the principal word, as in this case, ‘son’.

The correct sentence is: Despite Rakesh’s best efforts, David has forgotten which of his son-in-laws he should be angry with.

Hence, the correct option is (C).

RBI Assistant Prelims Mock Test - 6 - Question 9

In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.

he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.

Which of the following words can be placed in (B) to make a contextually correct and meaningful sentence?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 9
Emissions mean the production and discharge of something, especially gas or radiation.

Ejection means the action of forcing or throwing something out.

Oozing means a fluid slowly trickling out.

Among the given words, emissions replaces the bold part most appropriately.

Therefore, option B is correct.

RBI Assistant Prelims Mock Test - 6 - Question 10

Direction: Read the sentence to find out whether there is an error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, the answer is (E). Ignore errors of punctuation, if any.

Neither of the (1) / two sisters are (2) / sure to pass (3) / the exam, as they are not well prepared (4)/ No error (5)

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 10
The correct option is (B) i.e two sisters are

The helping verb 'are' is incorrect.

It should be 'is' instead of 'are'

The subject in the sentence is 'sisters'

The subject used in the sentence is plural in number and person.

Subjects when joined by 'neither, either ' the verb which agrees to it is singular in nature.

The correct sentence is: Neither of the two sisters is sure to pass the exam, as they are not well prepared.

Hence, the correct option is (B).

RBI Assistant Prelims Mock Test - 6 - Question 11

Read the given passage and answer the questions that follow.

Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

Just because you can buy NFTs, does that mean you should? It depends, Yu says.

“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.

But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

Q. According to the author, how do NFTs create digital scarcity?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 11
NFTs are generally one of a kind, or at least one of a very limited run, and have unique identifying codes. Essentially, NFTs create digital scarcity by cutting off the supply raising the value of a given asset, assuming it’s in demand.
RBI Assistant Prelims Mock Test - 6 - Question 12

Direction: Read the sentence to find out whether there is an error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, the answer is (E). Ignore errors of punctuation, if any.

One of the problem (A) with you is that (B) you are (C) not sincere. (D) No Error (E)

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 12
The Correct Answer is 'One of the problem' i.e. error lies in this part.

'problems' should be there in place of 'problem'

Singular nouns are followed by singular verbs and plural nouns are followed by plural verbs.

In cases of the form, “One of + the + Noun (Plural)”, the noun is always plural.

The correct sentence is: One of the problems with you is that you are not sincere.

Hence, the correct option is (A).

RBI Assistant Prelims Mock Test - 6 - Question 13

In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.

he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.

Which of the following words can be placed in (C) to make a contextually correct and meaningful sentence?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 13
Conservative means someone averse to change or innovation and holding traditional values. Words like radical and liberal are opposite in meaning to the word ‘orthodox’.

Therefore, option C is correct.

RBI Assistant Prelims Mock Test - 6 - Question 14

Direction: Read the passage and answer the questions that follow.

We know that MSMEs play a vital role in most economies around the world – contributing a significant portion of the economy and employing most of the available workforce. In India too this is our reality – MSMEs contribute 45% of overall export as per msme.gov.in and 14.9 million people are being employed in the MSME sector per annum, according to a survey conducted by CII. As we look at the next few years of continued economic growth, a key pillar will be to see how MSMEs across India become more efficient and grow faster, directly helping the growth of the nation. The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business. But by going a little deeper, we will realise that most businesses are actually adaptive because of circumstance - they are under the pressures of the way of working of their customers and suppliers. By building technology to organize the business, many products and solutions ignore this reality, and this soon renders the solution unusable.

The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology. This means that to a large extent, MSMEs will still expect sales and service of technology products at their offices or establishments, requiring an innovative sales and distribution strategy, and appropriate business model supporting the same.

Overall, MSMEs remain more enthusiastic about technology adoption than ever, and by keeping the above in mind, technology providers can be key players in helping MSMEs become more efficient and grow faster.

Who considers MSMEs as unorganized?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 14
The following is stated in the passage: "The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business."

Hence, the correct option is (C).

RBI Assistant Prelims Mock Test - 6 - Question 15

Read the given passage and answer the questions that follow.

Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

Just because you can buy NFTs, does that mean you should? It depends, Yu says.

“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.

But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

Q. Which statement is the author most likely to disagree with?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 15
We need to read the passage and the given options carefully so that we can easily identify the error in the statement. The author will definitely agree with all the statements except statement given in B.

The correct statement that would have been agreeable is:- ‘Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand’.

Therefore, option B is correct.

RBI Assistant Prelims Mock Test - 6 - Question 16

Select the incorrectly spelt word.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 16
Skelful has the wrongly spelt word. The correct spelling is 'skillful' which means having or showing skill.

Meaning of other words are:

Squall means a sudden violent gust of wind or localized storm, especially one bringing rain, snow, or sleet.

Idyll means an extremely happy, peaceful, or picturesque period or situation, typically an idealized or unsustainable one.

Shameful means worthy of or causing shame or disgrace.

Tactful means are careful not to offend or upset other people, having or showing tact.

Hence, the correct option is (C).

RBI Assistant Prelims Mock Test - 6 - Question 17

In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.

he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.

Which of the following words can be placed in (D) to make a contextually correct and meaningful sentence?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 17
Justice in this case means a judge or magistrate, in particular a judge of the Supreme Court of a country or state. According to the given context, justices replaces the bold part most appropriately.

Therefore, option D is correct.

RBI Assistant Prelims Mock Test - 6 - Question 18

Direction: Choose the word which is the exact OPPOSITE of the given word.

FLEXIBLE

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 18
The meaning of 'Flexible' is 'capable of bending easily without breaking'.

The exact opposite of 'Flexible' is 'Rigid' which means 'unable to bend or be forced out of shape; not flexible'.

'Brittle' means 'hard but liable to break easily'.

'Hard' means 'not easily broken, bent, or pierced'.

'Solid' means 'firm and stable in shape; not liquid or fluid'.

'Thin' means 'with opposite surfaces or sides that are close or relatively close together'.

Hence, the correct option is (B).

RBI Assistant Prelims Mock Test - 6 - Question 19

Read the given passage and answer the questions that follow.

Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

Just because you can buy NFTs, does that mean you should? It depends, Yu says.

“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.

But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

Q. Which of the following is/are correct with respect to the given passage?

I. Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2021

II. An NFT’s value is based entirely on what someone else is willing to pay for it.

III. A staggering $175 million has been spent on NFTs since November 2017.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 19
If we check the statements given in I and II we can easily understand after reading the passage that both of them are incorrect.

The Correct sentences are:-

‘Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022’.

‘A staggering $174 million has been spent on NFTs since November 2017’.

Therefore, option C is correct.

RBI Assistant Prelims Mock Test - 6 - Question 20

Select the correctly spelt word.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 20
Monopoly has the correctly spelt word which means exclusive control, possession or use of something.

Hence, the correct option is (D).

RBI Assistant Prelims Mock Test - 6 - Question 21

Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.

I. Arch rivals India and Pakistan would face each other in a marquee game on Sunday in the 12th edition of the Women's ODI cricket World Cup.

II. India have won all their 10 women ODIs against Pakistan and lost only one of 11 Women's T20 Internationals.

III. The Indians narrowly defended a total of 244 against South Africa in their opening warm-up game before scoring a comfortable victory over the West Indies.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 21
I. is incorrect in the sense that ‘would’ is not used correctly here in this context. The correct word to be used here is ‘will’.

Correct sentence: Arch rivals India and Pakistan will face each other in a marquee game on Sunday in the 12th edition of the Women's ODI cricket World Cup.

II and III are correct.

Therefore, option C is correct.

RBI Assistant Prelims Mock Test - 6 - Question 22

Direction: Fill in the blanks with appropriate words.

Prior to 1991, India’s economy and financial system were heavily regulated and ____(A)___ by the public sector. A complicated regulatory regime required firms to obtain licenses for most economic activities, and many industries were ____(B)____ for the public sector, including much of the financial system. Bank nationalizations in 1969 and 1980 increased the public sector share of deposits 5 to over 80 per cent, and further branch licensing was rigidly controlled. Primarily focused on financing government ____(C)____ and serving government priority sectors such as agriculture, India’s public banks lacked proper lending ____(D)____ and exhibited a high number of non-performing loans. Following a balance of payments crisis in 1991, however, a number of structural ___(E)___ were implemented that greatly deregulated many economic.

What should come in the place of blank (A)?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 22
The passage is about 'Indian economy before 1991'.

Let us refer to this line from the passage, "Prior to 1991, India’s economy and financial system were heavily regulated and ____(A)___ by the public sector".

From the above sentence, we get to know that the public sector regulated and controlled India's economy and financial system.

In option (B), 'Dominated' means have power and influence over.

So, 'Dominated' is the correct word for blank (A).

Hence, the correct option is (B).

RBI Assistant Prelims Mock Test - 6 - Question 23

Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.

I.French luxury giants have joined other firms to announcing they will suspend sales in Russia amid the ongoing war in Ukraine.

II.Luxury retailers have so far largely been left out of sanctions introduce by Western governments.

III. While affluent Russians are keen consumers of luxury goods, analysts say the proportion of luxury sales generated in Russia is small compared to the industry's key markets - China and the United States.

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 23
I. is incorrect in the sense that ‘to announcing’ is ungrammatical. The correct preposition will be ‘in’.

Correct sentence: French luxury giants have joined other firms in announcing they will suspend sales in Russia amid the ongoing war in Ukraine.

II. is incorrect in the sense that incorrect verb form of introduce has been used here. The correct verb form is introduced.

Correct sentence: Luxury retailers have so far largely been left out of sanctions introduced by Western governments.

III. is correct.

Therefore, option B is correct.

RBI Assistant Prelims Mock Test - 6 - Question 24

Direction: Read the passage and answer the questions that follow.

We know that MSMEs play a vital role in most economies around the world – contributing a significant portion of the economy and employing most of the available workforce. In India too this is our reality – MSMEs contribute 45% of overall export as per msme.gov.in and 14.9 million people are being employed in the MSME sector per annum, according to a survey conducted by CII. As we look at the next few years of continued economic growth, a key pillar will be to see how MSMEs across India become more efficient and grow faster, directly helping the growth of the nation. The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business. But by going a little deeper, we will realise that most businesses are actually adaptive because of circumstance - they are under the pressures of the way of working of their customers and suppliers. By building technology to organize the business, many products and solutions ignore this reality, and this soon renders the solution unusable.

The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology. This means that to a large extent, MSMEs will still expect sales and service of technology products at their offices or establishments, requiring an innovative sales and distribution strategy, and appropriate business model supporting the same.

Overall, MSMEs remain more enthusiastic about technology adoption than ever, and by keeping the above in mind, technology providers can be key players in helping MSMEs become more efficient and grow faster.

Q. Which of these is done to organize a business?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 24
The following is stated in the passage: "The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business."

Hence, the correct option is (B).

RBI Assistant Prelims Mock Test - 6 - Question 25

In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.

he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.

Which of the following words can be placed in (E) to make a contextually correct and meaningful sentence?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 25
Petition in this case means a formal written request, typically one signed by many people, appealing to authority in respect of a particular cause. It replaces the bold part most appropriately here.

Therefore, option A is correct.

RBI Assistant Prelims Mock Test - 6 - Question 26

Direction: Choose the most appropriate antonym of the given word.

Sapient

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 26
The meaning of the given words:
  • Sapient: having or showing deep understanding and intelligent application of knowledge.

  • Foolish: showing or marked by a lack of good sense or judgment.

  • Wise: having or showing deep understanding and intelligent application of knowledge.

  • Wasteful: given to spending money freely or foolishly.

  • Culvert: a transverse drain.

From the meanings, it is clear that Foolish is the most appropriate antonym of the given word 'Sapient'.

Hence, the correct option is (B).

RBI Assistant Prelims Mock Test - 6 - Question 27

Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.

I. Ukraine's president has attacked NATO leaders in a fiery speech over their refusal to implement a no-fly zone around the country.

II. The West's reluctant to intervene has given Russia "a green light" to continue bombarding towns and villages.

III. Introduction of a no-fly zone could lead to a "full-fledged war in Europe involving many more countries and causing much more human suffering".

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 27
I. is correct.

II. is incorrect with respect to the use of the word reluctant. The correct form to be used here will be the noun form reluctance.

Correct sentence: The West’s reluctance to intervene has given Russia “a green light” to continue bombarding towns and villages.

III. is correct.

Therefore, option A is correct.

RBI Assistant Prelims Mock Test - 6 - Question 28

Direction: Fill in the blanks with appropriate words.

Prior to 1991, India’s economy and financial system were heavily regulated and ____(A)___ by the public sector. A complicated regulatory regime required firms to obtain licenses for most economic activities, and many industries were ____(B)____ for the public sector, including much of the financial system. Bank nationalizations in 1969 and 1980 increased the public sector share of deposits 5 to over 80 per cent, and further branch licensing was rigidly controlled. Primarily focused on financing government ____(C)____ and serving government priority sectors such as agriculture, India’s public banks lacked proper lending ____(D)____ and exhibited a high number of non-performing loans. Following a balance of payments crisis in 1991, however, a number of structural ___(E)___ were implemented that greatly deregulated many economic.

What should come in the place of blank (C)?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 28
The passage is about 'Indian economy before 1991'.

Let us refer to this line from the passage, "Primarily focused on financing government ____(C)____ and serving government priority sectors such as agriculture".

From the above sentence, we get to know that banks were nationalized and deposits of the public sector increased from 5 to 80 percent.

So, now the primary focus was to financing the government's expenditure and prioritizing sectors like agriculture.

In option (A), 'Deficits' means an excess of expenditure or liabilities over income or assets in a given period.

So, 'Deficits' is the correct word for blank (C).

Hence, the correct option is (A).

RBI Assistant Prelims Mock Test - 6 - Question 29

Read the given passage and answer the questions that follow.

Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.

But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.

This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.

But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.

Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?

Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

Just because you can buy NFTs, does that mean you should? It depends, Yu says.

“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”

In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.

But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.

Q. According to the passage, which of the following statements is true?

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 29
NFT allows the buyer to own the original item.

On the other hand, NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.

Some experts say NFTs a bubble poised to pop, like the dotcom craze or Beanie Babies.

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos.

Therefore, option C is correct.

RBI Assistant Prelims Mock Test - 6 - Question 30

Direction: Read the passage and answer the questions that follow.

We know that MSMEs play a vital role in most economies around the world – contributing a significant portion of the economy and employing most of the available workforce. In India too this is our reality – MSMEs contribute 45% of overall export as per msme.gov.in and 14.9 million people are being employed in the MSME sector per annum, according to a survey conducted by CII. As we look at the next few years of continued economic growth, a key pillar will be to see how MSMEs across India become more efficient and grow faster, directly helping the growth of the nation. The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business. But by going a little deeper, we will realise that most businesses are actually adaptive because of circumstance - they are under the pressures of the way of working of their customers and suppliers. By building technology to organize the business, many products and solutions ignore this reality, and this soon renders the solution unusable.

The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology. This means that to a large extent, MSMEs will still expect sales and service of technology products at their offices or establishments, requiring an innovative sales and distribution strategy, and appropriate business model supporting the same.

Overall, MSMEs remain more enthusiastic about technology adoption than ever, and by keeping the above in mind, technology providers can be key players in helping MSMEs become more efficient and grow faster.

Q. Although MSMEs remain small, they can be considered as-

Detailed Solution for RBI Assistant Prelims Mock Test - 6 - Question 30
The following is stated in the passage: "The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology."

Hence, the correct option is (A).

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