Comprehension


Direction: Read the following passages carefully and choose the most appropriate answer to the questions out of the four alternatives.
PASSAGE
Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does not accord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that is concerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to think of price-fixing (the determination of prices by the seller) as both “normal” and having a valuable economic function. In fact, price-fixing is normal in all industrialised societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixing that it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competing for the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for more than its competitors charge is commonly recognised by advocates of free-market economic theories. But each large firm will also act with full consideration of the needs that it has in common with the other large firms competing for the same customers.

  1. Who, according to the economists, are the right group of people to set the price of a commodity?









  1. View Hint View Answer Discuss in Forum

    the aggregate of consumers

    Correct Option: A

    the aggregate of consumers


  1. What does not seem as not good or normal in the context of this essay?









  1. View Hint View Answer Discuss in Forum

    that which does not accord with the requirement of the free market

    Correct Option: C

    that which does not accord with the requirement of the free market



Direction: Read the following passages carefully and choose the most appropriate answer to the questions out of the four alternatives.
PASSAGE
When I think of my family’s history on the land. I experience a pang of regret. Unlike much of the arid West, where the land has gone virtually unchanged for centuries, my place of origin, western Kansas, has been torn up by agriculture. The flat plains, excellent soil, and sparse but just adequate rainfall permitted farming; therefore farming prevailed, and a good 90% of the original sod prairie is gone. The consequence, in human terms, is that our relationship to our place has always felt primarily mercantile. We used the land and denied, or held at bay, its effect on us. Yet from my earliest childhood, when the most of the Kansas prairie was still intact, I’ve known that the land also had a romantic quality. I’ve felt moved by the expanse of it , enthralled by size. I take pride in my identity as a plains daughter.

  1. What factor changed the entire landscape of Kansas?









  1. View Hint View Answer Discuss in Forum

    agriculture

    Correct Option: C

    agriculture


  1. What does the author feel proud about?









  1. View Hint View Answer Discuss in Forum

    being a native of Kansas.

    Correct Option: B

    being a native of Kansas.



  1. From the passage, it may be determined that the word “mercantile” has something to do with









  1. View Hint View Answer Discuss in Forum

    practicality

    Correct Option: A

    practicality