This section can be easy as pie if your basics are clear. Sometimes, even those who can communicate very well in English, fail to perform to the best of their ability in the banking exams. So, instead of boiling the ocean, try building up a strong vocabulary, an effective knowledge of grammar, and efficient comprehension skills so as to be on the ball to face this particular section. Here is a quiz being provided by Adda247 to let you practice the best of latest pattern English Questions.
The hope that private cryptocurrencies would become mainstream money suffered a setback last week. In his Budget speech, Finance Minister Arun Jaitley for the first time explicitly said that cryptocurrencies such as bitcoin are not legal forms of money in India and that the government would take steps to eliminate _____1______ use. Mr. Jaitley is not the only politician worldwide to consider cryptocurrencies a ___2____ to the status quo. Under the guise of protecting investors, governments in China and South Korea recently took steps to suppress the use of cryptocurrencies, thus adding to the extreme volatility of their price moves. Why are governments so keen to destroy private cryptocurrencies?
The reason is that these currencies _____3_____ a significant threat to the massive economic power that national currencies, such as the rupee and dollar, provide their governments. Today every country’s government has a legal monopoly over the ___4____ of the currency that its people use. This means that no entity other than the government _____5______ create and sell currencies. The very point of legal tender laws is to ban anything other than the currency issued by the government from being used as a ____6_____ of exchange.
Such government control over money, however, offers politicians enormous benefits. For example, a politician wanting to fund populist programmes can gather the funds he ____7_____ by creating money out of thin air with the help of the central bank. This will _____8______ lead to price inflation that affects the common man, but it at least saves the politician from having to impose higher taxes that could affect his popularity. In this scenario, the rise of cryptocurrencies offers ordinary people the rare opportunity to ____9___ among multiple currencies in the ______10____ . In fact, in a currency market free from government __11_____ , any private entity would be free to issue its own currency with the hope that it would soon become a hit with customers.
While this could be beneficial to citizens, who could choose between currencies, it erodes governments’ monopoly control over money. In the presence of alternative currencies, for instance, people may partially give up using national currencies issued by governments, as elaborated by Austrian economist Friedrich Hayek in Denationalisation of Money. Instead, they might opt to use private cryptocurrencies that offer more stable or ____12_______ power than, say, the rupee. It is thus little wonder that governments have banned or otherwise ___13_______ bitcoin and other private currency systems.
Nevertheless, until now, cryptocurrencies such as bitcoin have failed to show ____14______ of value stability owing to extreme price fluctuations. This is partly because they have only gained acceptance as a speculative asset rather than as a medium of exchange. In a competitive marketplace, however, such currencies are likely to be ousted eventually by competing currencies that better _____15_____ the tastes of buyers.
Q1.
(a)therefore
(b)their
(c)its
(d)having to
(e)there
Q2.
(a)danger
(b)stagnant
(c)call
(d)remark
(e)preceding
Q3.
(a)outsource
(b)protect
(c)pose
(d)gave
(e)determine
Q4.
(a)maintenance
(b)distributed
(c)printing
(d)issuance
(e)collection
Q5.
(a)might
(b)may
(c)need to be
(d)will have
(e)is
Q6.
(a)medias
(b)medium
(c)review
(d)mode to
(e)barrier
Q7.
(a)craved
(b)desirable
(c)requires
(d)has been drawn
(e)depend upon
Q8.
(a)ultimately is
(b)someday should
(c)finally
(d)eventually
(e)yet
Q9.
(a)create
(b)choose
(c)acceptance
(d)judge
(e)find
Q10.
(a)program
(b)policies
(c)scenario
(d)marketplace
(e)monopoly
Q11.
(a)interrupted
(b)mediated
(c)aid
(d)arbitrated
(e)intervention
Q12.
(a)scattering
(b)purchasing
(c)procured
(d)forfeit
(e)acquired
Q13.
(a)undermined
(b)cripple
(c)strengthen
(d)negotiating
(e)terminated
Q14.
(a)realistic
(b)increment
(c)stagnation
(d)attenuated
(e)signs
Q15.
(a)promoting
(b)erroneous
(c)mollifying
(d)satisfy
(e)trenching
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