IIFT2010QuestionPaper Related Question Answers
76. According to the passage which statement written below is farthest in explaining the meaning of the passage above? I. Market letter writers have been wrong in their judgments many a times but they continue to express their opinion as dramatic predictions and well time call results in huge rewards to analysts, journalist and popular writers. II. Public opinion polls are fairly accurate because they are based on randomly selected diminutive representative groups and hence are more meaningful than intuitive statistics of an outcome. III. People generally limit the need for hefty statistical evidence as it satisfies their intuition without reflecting the reality. IV. None of the above.
77.
When people react to their experiences with particular authorities, those authorities and the organizations or institutions that they represent often benefit if the people involved begin with high levels of commitment to the organization or institution represented by the authorities. First, in his studies of people's attitudes toward political and legal institutions, Tyler found that attitudes after an experience with the institution were strongly affected by prior attitudes. Single experiences influence post- experience loyalty but certainly do not overwhelm the relationship between pre-experience and post- experience loyalty. Thus, the best predictor of loyalty after an experience is usually loyalty before that experience. Second, people with prior loyalty to the organization or institution judge their dealings with the organization’s or institution's authorities to be fairer than do those with less prior loyalty, either because they are more fairly treated or because they interpret equivalent treatment as fairer.Although high levels of prior organizational or institutional commitment are generally beneficial to the organization or institution, under certain conditions high levels of prior commitment may actually sow the seeds of reduced commitment. When previously committed individuals feel that they were treated unfavourably or unfairly during some experience with the organization or institution, they may show an especially sharp decline in commitment. Two studies were designed to test this hypothesis, which, if confirmed, would suggest that organizational or institutional commitment has risks, as well as benefits. At least three psychological models offer predictions of how individuals’ reactions may vary as a function of a: their prior level of commitment and b: the favorability of the encounter with the organization or institution. Favorability of the encounter is determined by the outcome of the encounter and the fairness or appropriateness of the procedures used to allocate outcomes during the encounter. First, the instrumental prediction is that because people are mainly concerned with receiving desired outcomes from their encounters with organizations, changes in their level of commitment will depend primarily on the favorability of the encounter. Second, the assimilation prediction is that individuals' prior attitudes predispose them to react in a way that is consistent with their prior attitudes.The third prediction, derived from the group-value model of justice, pertains to how people with high prior commitment will react when they feel that they have been treated unfavorably or unfairly during some encounter with the organization or institution. Fair treatment by the other party symbolizes to people that they are being dealt with in a dignified and respectful way, thereby bolstering their sense of self-identity and self-worth. However, people will become quite distressed and react quite negatively if they feel that they have been treated unfairly by the other party to the relationship. The group-value model suggests that people value the information they receive that helps them to define themselves and to view themselves favorably. According to the instrumental viewpoint, people are primarily concerned with the more material or tangible resources received from the relationship. Empirical support for the group-value model has implications for a variety of important issues, including the determinants of commitment, satisfaction, organizational citizenship, and rule following. Determinants of procedural fairness include structural or interpersonal factors. For example, structural determinants refer to such things as whether decisions were made by neutral, fact-finding authorities who used legitimate decision-making criteria. The primary purpose of the study was to examine the interactive effect of individuals a: commitment to an organization or institution prior to some encounter and b: perceptions of how fairly they were treated during the encounter, on the change in their level of commitment. A basic assumption of the group-value model is that people generally value their relationships with people, groups, organizations, and institutions and therefore value fair treatment from the other party to the relationship. Specifically, highly committed members should have especially negative reactions to feeling that they were treated unfairly, more so than a: less- committed group members or b: highly committed members who felt that they were fairly treated.The prediction that people will react especially negatively when they previously felt highly committed but felt that they were treated unfairly also is consistent with the literature on psychological contracts. Rousseau suggested that, over time, the members of work organizations develop feelings of entitlement, i.e., perceived obligations that their employers have toward them. Those who are highly committed to the organization believe that they are fulfilling their contract obligations. However, if the organization acted unfairly, then highly committed individuals are likely to believe that the organization did not live up to its end of the bargain.The hypothesis mentioned in the passage tests at least one of the following ideas.
78. There is only one term in the left column which matches with the options given in the second column. Identify the correct pair from the following table:
80. In the annals of investing, Warren Buffett stands alone. Starting from scratch, simply by picking stocks and companies for investment, Buffett amassed one of the epochal fortunes of the twentieth century. Over a period of four decades more than enough to iron out the effects of fortuitous rolls of the dice, Buffett outperformed the stock market, by a stunning margin and without taking undue risks or suffering a single losing year. Buffett did this in markets bullish and bearish and through economies fat and lean, from the Eisenhower years to Bill Clinton, from the l950s to the l990s, from saddle shoes and Vietnam to junk bonds and the information age. Over the broad sweep of postwar America, as the major stock averages advanced by 11 percent or so a year, Buffett racked up a compounded annual gain of 29.2 percent. The uniqueness of this achievement is more significant in that it was the fruit of old-fashioned, long-term investing. Wall Street’s modern financiers got rich by exploiting their control of the public's money: their essential trick was to take in and sell out the public at opportune moments. Buffett shunned this game, as well as the more venal excesses for which Wall Street is deservedly famous. In effect, he rediscovered the art of pure capitalism, a cold-blooded sport, but a fair one. Buffett began his career, working out his study in Omaha in 1956. His grasp of simple verities gave rise to a drama that would recur throughout his life. Long before those pilgrimages to Omaha, long before Buffett had a record, he would stand in a comer at college parties, baby-faced and bright-eyed, holding forth on the universe as a dozen or two of his older, drunken fraternity brothers crowded around. A few years later, when these friends had metamorphosed into young associates starting out on Wall Street, the ritual was the same. Buffett, the youngest of the group, would plop himself in a big, broad club chair and expound on finance while the others sat at his feet. On Wall Street, his homespun manner made him a cult figure. Where finance was so forbiddingly complex, Buffett could explain it like a general-store clerk discussing the weather. He never forgot that underneath each stock and bond, no matter how arcane, there lay a tangible, ordinary business. Beneath the jargon of Wall Street, he seemed to unearth a street from small-town America. In such a complex age, what was stunning about Buffett was his applicability. Most of what Buffett did was imitable by the average person (this is why the multitudes flocked to Omaha). It is curious irony that as more Americans acquired an interest in investing, Wall Street became more complex and more forbidding than ever. Buffett was born in the midst of depression. The depression cast a long shadow on Americans, but the post war prosperity eclipsed it. Unlike the modern portfolio manager, whose mind- set is that of a trader, Buffett risked his capital on the long term growth of a few select businesses. In this, he resembled the magnates of a previous age, such as J P Morgan Sr.As Jack Newfield wrote of Robert Kennedy, Buffett was not a hero, only a hope; not a myth, only a man. Despite his broad wit, he was strangely stunted. When he went to Paris, his only reaction was that he had no interest in sight-seeing and that the food was better in Omaha. His talent sprang from his unrivaled independence of mind and ability to focus on his work and shut out the world, yet those same qualities exacted a toll. Once, when Buffett was visiting the publisher Katharine Graham on Martha’s Vineyard, a friend remarked on the beauty of the sunset. Buffett replied that he hadn't focused on it, as though it were necessary for him to exert a deliberate act of concentration to "focus" on a sunset. Even at his California beachfront vacation home, Buffett would work every day for weeks and not go near the water. Like other prodigies, he paid a price. Having been raised in a home with more than its share of demons, he lived within an emotional fortress. The few people who shared his office had no knowledge of the inner man, even after decades. Even his children could scarcely recall a time when he broke through his surface calm and showed some feeling. Though part of him is a showman or preacher, he is essentially a private person. Peter Lynch, the mutual-fund wizard, visited Buffett in the 1980s and was struck by the tranquility in his inner sanctum. His archives, neatly alphabetized in metal filing cabinets, looked as files had in another era. He had no armies of traders, no rows of electronic screens, as Lynch did. Buffett had no price charts, no computer - only a newspaper clipping from 1929 and an antique ticker under a glass dome. The two of them paced the floor, recounting their storied histories, what they had bought, what they had sold. Where Lynch had kicked out his losers every few weeks, Buffett had owned mostly the same few stocks for years and years. Lynch felt a pang, as though he had traveled back in time. Buffett’s one concession to modernity is a private jet. Otherwise, he derives little pleasure from spending his fabulous wealth. He has no art collection or snazzy car, and he has never lost his taste for hamburgers. He lives in a commonplace house on a tree-lined block, on the same street where he works. His consuming passion - and pleasure - is his work, or, as he calls it, his canvas. It is there that he revealed the secrets of his trade, and left a self-portrait.“Saddle shoes and Vietnam”, as expressed in the passage, refers to: I. Denier cri and Vietnam war II. Growth of leather footwear industry and Vietnam shoe controversy III. Modern U.S. population and traditional expatriates IV. Industrial revolution and Vietnam Olympics V. Fashion and Politics
81. Identify the correct sequence: I. Depression -> Eisenhower -> Microsoft II. California -> New York -> Omaha III. J.P.Morgan -> Buffett -> Bill Gates IV. Mutual funds -> Hedge funds -> Brokers
82. Choose the most appropriate answer: according to the author, Warren Buffett was I. Simple and outmoded II. Against planned economy and technology III. Deadpan IV. Spiritually raw
83.
From the given pair of words select the most appropriate pair that fills the gaps and makes the sentence more meaningful.These issues are extremely ______________ and any knee jerk reaction will ultimately result in a loss of ____________ for all shareholders.
84.
From the given pair of words select the most appropriate pair that fills the gaps and makes the sentence more meaningful.Growth under this government has been _________ high and remarkably ____________ even during the worst global economic crisis.
85.
From the given pair of words select the most appropriate pair that fills the gaps and makes the sentence more meaningful.There are different and _______ versions about what happened in the city, but one thing is certain: it is a dastardly act that must be condemned _________
86.
From the given pair of words select the most appropriate pair that fills the gaps and makes the sentence more meaningful.They _________ their seats away from the curved wall panels to give themselves more space as the flight attendant brought drinks from the gallery, which was _________ with family’s favorite snacks and beverages.
87.
From the given pair of words select the most appropriate pair that fills the gaps and makes the sentence more meaningful.Cairn cannot __________ bring into picture some _________ outsider which has little experience and necessary consents to deal in the oil field.
88.
From the given pair of words select the most appropriate pair that fills the gaps and makes the sentence more meaningful.Economic growth is on auto-pilot, unlikely to be derailed by any lapse into __________ and controls or to be _____________ by serious policy reforms.
89.
Each sentence has a part which is underlined. Beneath the sentence you will find four ways of phrasing the underlined part. Follow the requirements of the standard written English to choose your answer. Selection should make the sentence clear, exact and free of grammatical error. It should minimize awkwardness, ambiguity and redundancy.Large and experienced firms are more efficient at acquiring smaller and distressed firms than are large and inexperienced firms, and converting them to profitable ventures.
90. The economic growth increased from 7 to 9 per cent in November 2010, supporting the expectations that industrial growth rate in October-December quarter more than doubled that of the 4 per cent growth rate in industrial growth for the previous quarter.
91. As a result of surging financial greed, the international rating agencies upgraded the rating of the credit derivative instruments, and hence analysts recommended a strong buy, ignoring the advice of Warren Buffett who warned that these instruments would prove not only dangerous but ineffective in the long run.
92.
From the given options identify the word pair which is unrelated to the given word pair.IMPUISSANCE: DESECRATE
93.
From the given options identify the word pair which is unrelated to the given word pair.INSOUCIANT : GOSSAMER
94. Each question consists of a number of sentences that need to be properly sequenced, to form a meaningful and coherent paragraph/sentences. Choose the most logical order of sentences from the choices given below.I. of course, it isn’t anywhere near as simple as this in real life II. the diagram is commonly called ‘the stack’, and the people in the computer industry love to talk about it III. at the base are components that are assembled into finished hardware products; operating systems, middleware, and software applications sit above the hardware; and it’s all topped off by a whole range of services IV. the stack shows most of the major pieces in a typical computing environment
95. I. as a skeptical empiricist, II. I do not want to be the turkey III. since we do not observe IV. so I do not want to focus V. solely on specific organs in the brain VI. brain functions very well
96. I. knowledge, even when it is exact II. because we tend to forget what we know III. if we do not pay attention IV. or forget how to process it properly V. does not often lead to appropriate actions VI. even when we are experts
97. I. in the classroom II. once they are let out on streets III. statisticians, it has been shown IV. and engage in most trivial inferential errors V. tend to leave their brains
98. I. sure enough failed II. I have tested myself and III. by carefully setting a wide range IV. even while consciously trying to be humble V. as we will see the core of my professional activities VI. and yet such underestimation happens to be
99. I. except that people got all excited II. so I would not have cared III. and talked quite a bit about IV. the least about them V. pouring verbal sauce around the forecasts VI. what these figures were going to mean
100.
For each of the following questions select the answer pair that expresses a relationship most similar to that expressed in the capitalized pair.OMNISCIENT : KNOWLEDGE∷
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