Questions

The Summit at Sanya will mark the admission of South Africa to the group, which will extend the geographic representation of the mechanism in a moment when the financial system reform is sought worldwide, as well as agreater democratization of global governance in general.On 14 April 2011, 3rd BRICS (Brazil, Russia, China and South Africa) Summit is to be held in the Chinese city of Sanya, alongside the President of China, Hu Jintao, the President of Russia, Dmitri Medvedev, the Prime Minister of India, Manmohan Singh, and the President of South Africa, Jacob Zuma. The previous Summits were held in Yekaterinburg (June 2009) and Brasília (April 2010)

Ans. E.
In the given sentences, boiled down is the phrasal verb that should have been used which means summarizing something, to reduce or simplify
(something) to the most basic, essential, or fundamental element(s). In this context it means that the one who had more power succeeded. 'Boiled down' should be followed by 'to' and not 'for', hence option D is incorrect.

A price floor is the minimum price that can be charged. A binding price floor occurs when the government sets a required price on goods at a price above equilibrium. Because the government requires that prices not drop below this price, that price binds the market for that good.

A binding price ceiling is one that is set below equilibrium price.