The oil industry was the prime target of a sweeping privatization drive launched after the break-up of the Soviet Union. However not all Russians have been rolling in oil wealth. The Russian government has failed to do for its people even a fraction of what the Soviet Union, with twice the population, did with the revenue generated from oil. While the Soviet Government bought grain and other foreign and other foreign consumer goods to be sold in domestic markets at heavily subsidized rates, Russia rejected socialism. Instead it embraced capitalism in which money earned from oil has enriched only tycoons and corrupt government officials. Oil tycoons in Russia have made huge fortunes by using gaping holes in tax legislation to pay far below the standard 24 percent corporate rate.
1.
Why are a large number of the world’s very rich
people found in Russia?
A.
Russia is one of the most developed countries in
the world.
B.
Russia is the world’s largest automobile
supplier.
C.
Russian oil businessmen took advantage of
ambiguity in Russia’s tax laws.
D.
Russia is the world’s largest supplier of oil.
2.
Which of the following is / are impact(s)
Russia’s economic growth?
A.
Russia’s population has doubled.
B.
Foreign consumer goods are heavily subsidized
C.
There is a huge gap between the haves and the
have nots
A.
Only (A)
B.
(B) & (C)
C.
Only (C)
D.
Both (A) & (B)
3.
Which of the following factors is responsible
for Russia’s economic growth?
A.
Russia imports fuel from developing countries
like India at low cost.
B.
Receiving aid worth 300 billion dollars from
energy importing countries.
C.
Funding received from the “World Bank and
developed countries like France
D.
The revenue Russia has earned from exporting
oil.
4.
What step(s) has the Russian Government taken to
control inflation?
A.
It has raised he amount of money allocated for
exploring new oil reserves.
B.
Taxes have been hiked.
C.
Subsidies on essential commodities like food
have been introduced.
A.
None
B.
Only (A)
C.
Only (C)
D.
Both (A) &(B)
5.
Which of the following can be said about
Russia’s economy?
A.
Russia is the fastest growing economy in the world
B.
The Russia economy is being transformed into a
technology based one
C.
Oil wealth has been invested in Russia’s energy
sector only
D.
Russia’s economy is more developed than that o
Germany
6.
What does the phrase ‘Russia’s oil curse ‘imply?
A.
High prices of oil products have meant that
common people in Russia cannot afford them.
B.
Russia oil resources will be completely depleted
in the next ten years.
C.
Mismanagement of the Russian oil industry led to
the fall of the Soviet Union.
D.
None of these
7.
Which of the following factors is responsible
for inflation in Russia?
A.
Depleted Russian oil reserves
B.
Low investment in new Russian oilfields
C.
Utilization of nuclear energy which his
expensive
D.
High prices of food all over the world
8.
Which of the following is TRUE in the context of
the passage?
A.
Russia is a Communist country
B.
Most of Russia’s wealth has gone into exploring
new oil fields
C.
There is a great demand for automobiles in
Russia
D.
Privatizing the oil industry has lifted 19
million Russians out poverty
9.
Why has Russia increased its spending on its
transport system?
A.
It is outdated and will hinder Russia’s economic
growth
B.
To boost tourism which has been falling
C.
To create jobs and reduce the high rate of
unemployment
D.
There have been a substantial number of
accidents
10.
Why was the Russian oil industry privatized?
A.
As part
of the agreement with the Soviet Union
B.
It was not profitable in the long term
C.
The government wanted to concentrate on
developing other sectors
D.
None of these
Answer:
1.
C Refer
to 2nd paragraph. “Oil tycoons in Russia… corporate rate.”
2.
B Refer to 2nd paragraph “whiles the
soviet government …. “ &3rd paragraph, “But the gap between the
rich...”
3.
D
refer to 1st paragraph , 1st & 2nd sentence
4.
C
mentioned in paragraph 2
5.
B Refer to
the last paragraph.
6.
D None
of the options imply Russia’s oil course.
7.
C Refer
to the last paragraph.
8.
C Refer
to the 4th paragraph
9.
A Refer
to the last paragraph. “The government has risen funding…”
10.
D None of
the options have been mentioned in the passage.
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