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It is not easy for many civil servants to ____ on their salaries as the inflation rate is extremely high.
  • a)
    get by
  • b)
    turn up
  • c)
    wear out
  • d)
    run over
  • e)
    take away
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
It is not easy for many civil servants to ____ on their salaries as th...
It is not easy for many civil servants to "get by" on their salaries as the inflation rate is extremely high.
"Get by" means to manage or cope with a situation, especially when it is difficult.
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It is not easy for many civil servants to ____ on their salaries as th...
Answer:

Understanding the question:

The question states that it is difficult for many civil servants to ____ on their salaries due to high inflation. The blank needs to be filled with an option that fits logically in the given context.


Evaluating the options:


  • a) Get by: This option means to manage or survive with limited resources. In the context of the question, it implies that civil servants find it hard to manage their expenses with their current salaries, considering the high inflation rate. Hence, this option is a strong contender.

  • b) Turn up: This option means to appear or arrive at a place. It does not fit the context of the question, as it does not address the issue of managing expenses with high inflation.

  • c) Wear out: This option means to become worn or unusable due to long-term use. It is unrelated to the given context and does not make sense in the sentence.

  • d) Run over: This option means to drive a vehicle over someone or something. It does not relate to the given context and is not appropriate in the sentence.

  • e) Take away: This option means to remove or carry something away. It is unrelated to the given context and does not fit logically in the sentence.



Conclusion:

After evaluating all the options, it is clear that option 'a) Get by' is the most appropriate choice. It conveys the idea that civil servants find it difficult to manage their expenses with their salaries due to high inflation, which aligns perfectly with the context of the sentence.
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Directions: The passage given below is followed by a set of questions. Choose the best answer to each question.A sharp and unexpected increase in inflation based on the wholesale price index underlines the need for the RBI to put in place a framework for delivering low and stable inflation. There has been a discernible shift in policy in the two months since Raghuram Rajan joined as governor - the RBI appears to be moving towards becoming a modern central bank that has price stability as its main objective. Important steps have been taken but these need to be institutionalised so that Rajan’s legacy is assessed not merely in terms of how well the RBI does under him, but by whether or not he leaves behind a reformed institution.In the immediate context, Rajan needs to use each and every opportunity to emphasise price stability or inflation control as the single most important objective of monetary policy. This is required because of the enormous confusion in the past, with the RBI raising interest rates in periods of high inflation, but in between rate hikes, failing to communicate its policy to the public. A new and clearer approach is called for. Rajan has made a good beginning but he will have to be careful not to fall into the trap many an emerging economy’s central banker has fallen into of worrying about the short-term movements of the rupee.In the longer run, the institutional framework for an inflation-targeting central bank must be clarified. Whether the RBI should focus only on inflation or on another secondary objective as well - for instance, employment, like the US Fed does - must be determined. A measurable objective will allow an accountable framework to be put in place. The RBI will then need to be given independence, accountability and a clear mandate. There is no doubt that old timers in policymaking, who have managed well within the current mandate, will be reluctant to see the RBI change. Governors and deputy governors, retired and serving, have often stood for the status quo and resisted loss of turf. But opposing institutional change is the nature of all bureaucracies and India cannot be held hostage to that approach. In the next five years, if Rajan transforms the way the RBI functions, and leaves behind a modern and well-functioning central bank, it would help prepare India for the fluctuations in growth and the business cycle and for the pressures of globalisation in the coming decades.Q. According to the author of the passage, what precautions should the governor take?A. He should not let the deputy governors take any financial decision without his consentB. He should not worry about the short-term movements of the rupeeC. He should not pay heed to the unwanted advise of the finance minister

Direction: Read the passage carefully and select the best answer to each question out of the given five alternatives.The Reserve Bank of India’s Monetary Policy Committee (MPC) on Wednesday left policy rates unchanged at record low levels as it was still unsure about the sustainability of economic recovery due to the second wave of Covid-19 infections.The central bank, however, announced a bond-buying calendar that will ensure that borrowers reap the benefits of a low-interest rate regime.The repo rate, the main policy rate (it is the rate at which the RBI lends money to commercial banks), has been retained at 4 percent because the MPC wants to ensure that “the prospects of sustained recovery are well secured”. “The renewed jump in Covid-19 infections in certain parts of the country and the associated localized lockdowns could dampen the demand for contact-intensive services, restrain growth impulses, and prolong the return to normalcy. In such an environment, continued policy support remains necessary,” the MPC stated. India recently became the second country after the US to report daily fresh infections of over 100,000.In Wednesday’s statement, the MPC retained its assessment of FY22 GDP growth of 10.5 percent. It also raised its projection for consumer price inflation a bit to 5.2 percent for the first half of the current fiscal year.The RBI announced a government securities acquisition programme (GSAP), essentially a calendar of its bond-buying programme, starting with Rs 1 lakh crore of securities purchases in the first quarter of the current fiscal year.This new GSAP programme will run along with the RBI’s regular open market operations and other liquidity management facilities, RBI Governor Shaktikanta Das reiterated in a post-policy announcement interaction. Earlier, the central bank had committed that it would purchase not less than Rs 3 lakh crore of bond purchases in FY22.Meanwhile, the rupee lost 1.5 percent Wednesday, its biggest single-day fall in 20 months, as the RBI laid out plans for the government bond-buying programme.Government bond yields have been rising sharply since the Centre announced a big borrowing programme for the current fiscal. That, along with the rise in sovereign bond yields in the rest of the world, and inflation fears, meant that the yield on the 10-year benchmark government bond, an average of 5.93 percent between April 2020 and January 2021, had risen to a high of 6.25 percent in March.Bond yields and prices move in opposite directions — when there is demand for bonds such as due to extra buying from RBI, bond prices go up while yields come down.Government security yields represent the risk-free rate in the economy and act as a base for all other interest rates. Thus, between February and March-end, yields on AAA corporate bonds (the highest rate d) increased by as much as 31 basis points, despite the RBI not increasing rates or withdrawing liquidity.Corporate bond issuance in February at Rs 45,685 crore moderated from its peak of Rs 88,130 crore recorded in December 2020. In effect, the rising bond yields weakened the central bank’s easy monetary stance and it had to do something about it.The RBI’s bond purchase calendar will give confidence to bond market participants that a huge supply of government borrowings will not drive up yields too much. It also supports the easy monetary policy stance at a time when the second wave adds to uncertainty about economic growth and inflation.“The evolving CPI inflation trajectory is likely to be subjected to both upside and downside pressures,” said the MPC. It said that the bumper food grain production and imports should keep a lid on food prices but warned about high international commodity prices, increased logistics costs, and heightened inflation expectations of households as risk factors.The central bank also extended measures to improve credit flow to the economy, some of which were introduced last year to fight the pandemic. It extended its long-term repo operations (lending money to banks), extended refinance facilities for NABARD and SIDBI to help MSMEs, and made it easier for banks to continue lending to sectors such as agriculture and MSMEs via NBFCs.Q. Choose the antonym of the word Uncertainty.

Directions: The passage given below is followed by a set of questions. Choose the best answer to each question.A sharp and unexpected increase in inflation based on the wholesale price index underlines the need for the RBI to put in place a framework for delivering low and stable inflation. There has been a discernible shift in policy in the two months since Raghuram Rajan joined as governor - the RBI appears to be moving towards becoming a modern central bank that has price stability as its main objective. Important steps have been taken but these need to be institutionalised so that Rajan’s legacy is assessed not merely in terms of how well the RBI does under him, but by whether or not he leaves behind a reformed institution.In the immediate context, Rajan needs to use each and every opportunity to emphasise price stability or inflation control as the single most important objective of monetary policy. This is required because of the enormous confusion in the past, with the RBI raising interest rates in periods of high inflation, but in between rate hikes, failing to communicate its policy to the public. A new and clearer approach is called for. Rajan has made a good beginning but he will have to be careful not to fall into the trap many an emerging economy’s central banker has fallen into of worrying about the short-term movements of the rupee.In the longer run, the institutional framework for an inflation-targeting central bank must be clarified. Whether the RBI should focus only on inflation or on another secondary objective as well - for instance, employment, like the US Fed does - must be determined. A measurable objective will allow an accountable framework to be put in place. The RBI will then need to be given independence, accountability and a clear mandate. There is no doubt that old timers in policymaking, who have managed well within the current mandate, will be reluctant to see the RBI change. Governors and deputy governors, retired and serving, have often stood for the status quo and resisted loss of turf. But opposing institutional change is the nature of all bureaucracies and India cannot be held hostage to that approach. In the next five years, if Rajan transforms the way the RBI functions, and leaves behind a modern and well-functioning central bank, it would help prepare India for the fluctuations in growth and the business cycle and for the pressures of globalisation in the coming decades.Q. The inflation here is based on which of the following measures?

Directions: The passage given below is followed by a set of questions. Choose the best answer to each question.A sharp and unexpected increase in inflation based on the wholesale price index underlines the need for the RBI to put in place a framework for delivering low and stable inflation. There has been a discernible shift in policy in the two months since Raghuram Rajan joined as governor - the RBI appears to be moving towards becoming a modern central bank that has price stability as its main objective. Important steps have been taken but these need to be institutionalised so that Rajan’s legacy is assessed not merely in terms of how well the RBI does under him, but by whether or not he leaves behind a reformed institution.In the immediate context, Rajan needs to use each and every opportunity to emphasise price stability or inflation control as the single most important objective of monetary policy. This is required because of the enormous confusion in the past, with the RBI raising interest rates in periods of high inflation, but in between rate hikes, failing to communicate its policy to the public. A new and clearer approach is called for. Rajan has made a good beginning but he will have to be careful not to fall into the trap many an emerging economy’s central banker has fallen into of worrying about the short-term movements of the rupee.In the longer run, the institutional framework for an inflation-targeting central bank must be clarified. Whether the RBI should focus only on inflation or on another secondary objective as well - for instance, employment, like the US Fed does - must be determined. A measurable objective will allow an accountable framework to be put in place. The RBI will then need to be given independence, accountability and a clear mandate. There is no doubt that old timers in policymaking, who have managed well within the current mandate, will be reluctant to see the RBI change. Governors and deputy governors, retired and serving, have often stood for the status quo and resisted loss of turf. But opposing institutional change is the nature of all bureaucracies and India cannot be held hostage to that approach. In the next five years, if Rajan transforms the way the RBI functions, and leaves behind a modern and well-functioning central bank, it would help prepare India for the fluctuations in growth and the business cycle and for the pressures of globalisation in the coming decades.Q. What is the objective of the RBI Governor in the immediate context?

Directions: The passage given below is followed by a set of questions. Choose the best answer to each question.A sharp and unexpected increase in inflation based on the wholesale price index underlines the need for the RBI to put in place a framework for delivering low and stable inflation. There has been a discernible shift in policy in the two months since Raghuram Rajan joined as governor - the RBI appears to be moving towards becoming a modern central bank that has price stability as its main objective. Important steps have been taken but these need to be institutionalised so that Rajan’s legacy is assessed not merely in terms of how well the RBI does under him, but by whether or not he leaves behind a reformed institution.In the immediate context, Rajan needs to use each and every opportunity to emphasise price stability or inflation control as the single most important objective of monetary policy. This is required because of the enormous confusion in the past, with the RBI raising interest rates in periods of high inflation, but in between rate hikes, failing to communicate its policy to the public. A new and clearer approach is called for. Rajan has made a good beginning but he will have to be careful not to fall into the trap many an emerging economy’s central banker has fallen into of worrying about the short-term movements of the rupee.In the longer run, the institutional framework for an inflation-targeting central bank must be clarified. Whether the RBI should focus only on inflation or on another secondary objective as well - for instance, employment, like the US Fed does - must be determined. A measurable objective will allow an accountable framework to be put in place. The RBI will then need to be given independence, accountability and a clear mandate. There is no doubt that old timers in policymaking, who have managed well within the current mandate, will be reluctant to see the RBI change. Governors and deputy governors, retired and serving, have often stood for the status quo and resisted loss of turf. But opposing institutional change is the nature of all bureaucracies and India cannot be held hostage to that approach. In the next five years, if Rajan transforms the way the RBI functions, and leaves behind a modern and well-functioning central bank, it would help prepare India for the fluctuations in growth and the business cycle and for the pressures of globalisation in the coming decades.Q. What is the meaning of the word ‘hostage’ as used in the passage?

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It is not easy for many civil servants to ____ on their salaries as the inflation rate is extremely high.a)get byb)turn upc)wear outd)run overe)take awayCorrect answer is option 'A'. Can you explain this answer?
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