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RBI Grade B Phase 1 2022 Solutions Paper — Kerala PSC PYQ Practice with Answers

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2022English
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Paper details

  • Paper code: rbi-grade-b-phase-1-2022
  • Format: Full previous year paper — PYQ practice with answers

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Question 1 General Awareness
What can be inferred about the economy of the world from the passage?
  1. A. The continuing war in Europe has caused major concerns with respect to foreign investments
  2. B. High inflation plagues the world due to the many factors of uncertainty affecting the economy.
  3. C. Recession and unemployment rates are growing due to a fall in economic stability.
  4. D. both (b) and (c)
  5. E. All of these

Correct answer: B. High inflation plagues the world due to the many factors of uncertainty affecting the economy.

Option (a) mentions concerns regarding 'foreign investments', which is not talked about in the passage and thus cannot be establish as true.\nOption (c) talks about growing unemployment, which, again, isn't one of the topics of concern in the passage.\nThe statement given by option (b) is correct and for justification, we refer to the first paragraph of the passage, which states how RBI changed its policies to control inflation in view of the growing global uncertainties.\nThus, option (b) is the correct answer.
Question 2 General Awareness
Which of the following was/were the objectives of the off-cycle meeting by RBI?
  1. A. controlling inflation
  2. B. countering global uncertainty
  3. C. addressing charges of inaction
  4. D. both (a) and (b)
  5. E. All of these

Correct answer: E. All of these

Both, option (a) and option (c), stand correct with regard to the passage.\nThe first paragraph mentions how the intention of RBI through these newly-drafted policies is to keep the Consumer Price Inflation in check.\nThis makes option (a) correct.\nThe paragraph also mentions how the policies are intended to counter global risks. This makes option (b) correct.\nReferring to the last lines of the second paragraph, 'But the continuing war has necessitated urgent steps. The RBI has thus responded to the charge that it is behind the curve on inflation,' we see that RBI's policy changes came after it was blamed for the increasing rate of inflation.\nBecause the former of these statements talks about 'urgent steps', we understand that RBI was blamed for inaction, and as a result it introduced the change its policies.\nThus, option (c) is correct too.\nAs all the statements are correct, the answer is option (e).
Question 3 General Awareness
Which of the following come(s) under the changes introduced by the RBI's new policies?
  1. A. RBI's new policies make only marginal changes even in view of the war as the policies are already sufficient to counter that risk.
  2. B. The RBI has chosen a defensive stance against geopolitical factors to counter inflation by adopting these policies.
  3. C. RBI, with its new policies, has shown that it intends to keep its economic stance rigid till some time despite their previous commitments of change.
  4. D. RBI is following in the footsteps of other economic authorities to counter disturbances in economic structure.
  5. E. RBI is making changes as it goes along in accordance with factors of ever-present uncertainty which has been helpful in keeping inflation in control.

Correct answer: B. The RBI has chosen a defensive stance against geopolitical factors to counter inflation by adopting these policies.

Option (b) gives the most appropriate summary of the intention of RBI's new policies.\nMoreover, only option (b) is true among all the options. Thus, we mark it as the correct answer.
Question 4 General Awareness
Which of the following if correct, most invalidates the arguments in the third passage?
  1. A. WPI inflation rate is projected to come down to single digits in the coming months.
  2. B. Changes in trends of WPI rate do not depend on changes in trends of CPI rate.
  3. C. The IMF does not need to revise its global growth forecast after every trend change.
  4. D. The changes made by RBI are enough to counteract current trend of inflation.
  5. E. The economy of Western countries is capable of rapidly recovering from inflation.

Correct answer: B. Changes in trends of WPI rate do not depend on changes in trends of CPI rate.

The third paragraph specifically states that 'It is generally agreed that the WPI has a lagged effect on the CPI.'\nThis shows that WPI has an effect on CPI eventually.\nThus, as option (b) directly contradicts the fact in the passage, it is the correct answer.
Question 5 General Awareness
Which of the following is true according to the data in the passage?
  1. A. WPI and CPI have been staggered for some time now.
  2. B. High levels of inflation are projected in the near future in India.
  3. C. Global forecast has decreased 0.8% from its initial forecast.
  4. D. RBI has raised the SDF, MSF, and the CRR rates in the recent meeting.
  5. E. RBI intends to adopt an accommodative stance when it's feasible.

Correct answer: E. RBI intends to adopt an accommodative stance when it's feasible.

Since it is mentioned that RBI intended to adopt an accommodative stance, but hasn't been able to do that because of the war, option (e) becomes correct.\nAll other options are incorrect.

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