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English Quiz on RC for LIC AAO & Bank Exam

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Question 1

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following is true with reference to the passage?

Question 2

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following are the changes that that Centre has attempted to bring in the oil and gas market?

Question 3

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following are NOT TRUE with respect to the passage?

Question 4

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Why is it necessary for the Centre to allow the output to be sold at the market price?

Question 5

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following is the main idea behind the passage?

Question 6

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following express the OPPOSITE meaning of the word “Slashed” given in the passage?

Question 7

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following express the OPPOSITE meaning of the word “Compensate” given in the passage?

Question 8

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following express the SIMILAR meaning of the word “Hunker” given in the passage?

Question 9

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following express the SIMILAR meaning of the word “Paradoxically” given in the passage?

Question 10

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

Crude oil prices have fallen by more than half over the last year and the Big Oil companies, facing profitability pressures, have slashed their exploration budgets drastically. In an economic environment in which they have had to hunker down to tide over this phase of low oil prices, India has chosen somewhat paradoxically to offer oil and gas fields — marginal, stranded ones at that — forbidding by these companies. New technology and improved recovery methods can unlock the potential of marginal fields, but they do pose challenges given the relative size of their reserves and the investment needed to extract the oil and gas.

If the oil companies neglected to develop these proven discoveries during the period of high oil prices, then it was because they had other fields that were more prolific and less expensive to tap. Given this, it remains to be seen how much interest bidders will have for the 69 fields that have been put on the block by the government.

But to give credit where it’s due, the Centre has attempted to sweeten the offer with concessions to successful bidders such as the right to sell oil and gas at market prices to customers chosen by them. This is a departure from the existing model where the Centre determines the gas price and also the customers based on a priority list of industries that it thinks are in dire need of gas.

The Centre will also grant a unified licence for all types of hydrocarbon that might be produced from the marginal field — oil, gas, coal-bed methane, shale oil and shale gas — unlike the present system that requires separate licences for each. And then, of course, there is the big change — fields will be auctioned on a revenue-sharing model, as opposed to the existing production-sharing one where the successful bidder first recovers his costs before sharing the profit with the government. Bids will now be evaluated on the basis of the revenue share promised to the Centre, as in the case of telecom, where the company offering the maximum revenue share to the government wins out.

The Centre is testing the waters with these significant changes which can then be applied to the auction of major blocks under the New Exploration Licensing Policy (NELP), the tenth round of which is now due. The move towards revenue-sharing is an important one and it will be interesting to see how bidders react to this. However, as far as the marginal fields go, the Centre had no choice but to allow the output to be sold at market prices to compensate for the size of their reserves. The terms for bidding have not been fully spelt out at the moment, but the failure or success of the plan is going to be intimately linked to the package of fiscal incentives the Centre is willing to devise for successful bidders. It is not clear whether this is even under consideration.

Source: https://www.nytimes.com
Which among the following express the SIMILAR meaning of the word “Prolific” given in the passage?
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