In the following question, out of the four alternatives, select the word which is similar in meaning to the given word and mark your answer carefully. Exemption.

Introduction / Context:
This vocabulary question tests knowledge of synonyms. The target word is exemption, which appears often in legal, financial, and administrative contexts. Candidates must identify which option has the nearest meaning to exemption. A strong understanding of related terms such as immunity, liability, responsibility, and accountability is essential for high scoring in competitive English sections.

Given Data / Assumptions:

• Key word: exemption.
• Options: Immunity, Accountability, Liability, Responsibility.
• The task is to find the closest synonym in standard English.
• We assume the word is used in the sense common in law, tax, or rules.

Concept / Approach:
Exemption means freedom from an obligation, duty, rule, payment, or liability. For example, a student may get exemption from an exam, or certain goods may enjoy tax exemption. The word immunity has a very similar idea of being protected from something, such as legal action, disease, or an obligation. By contrast, accountability, liability, and responsibility all point toward having duties or being answerable for something, which is the opposite direction. The approach is to map the central idea of freedom from duty to the best matching word among the choices.

Step-by-Step Solution:
Step 1: Recall the main meaning of exemption as release from a duty, rule, or payment.Step 2: Examine option Immunity. Immunity means protection from something unpleasant such as legal prosecution or infection, which closely matches freedom from liability.Step 3: Examine option Accountability. This refers to being answerable for actions, which implies a duty rather than freedom.Step 4: Examine option Liability. This means legal responsibility or financial obligation, which is something from which exemption may be granted, not a synonym for exemption.Step 5: Examine option Responsibility. This again expresses a duty or obligation, the opposite of exemption. Thus Immunity is the only close synonym.

Verification / Alternative check:
To verify, think of phrases like tax exemption and legal immunity. Both express protection from normal obligations or penalties. One can say A has diplomatic immunity from prosecution, which is similar in effect to A has an exemption from prosecution. However, one would not say A has accountability from prosecution or A has responsibility from tax. This check confirms that Immunity is the nearest equivalent in meaning and usage.

Why Other Options Are Wrong:
Accountability: This suggests that a person must explain and justify actions, the opposite of being exempt. Liability: This is the state of being legally responsible, exactly the thing from which exemption may free someone. Responsibility: This indicates a duty or obligation, which again contrasts with the idea of exemption. These words imply burden and duty, while exemption implies removal of burden.

Common Pitfalls:
A common error is to confuse liability and exemption because they often appear in similar legal or financial sentences. Students sometimes choose liability, thinking of legal terms without checking the exact direction of meaning. Another pitfall is to read too quickly and choose any familiar word without mentally substituting it into common phrases like exemption from duty or exemption from tax. Always check whether the synonym can be used in similar sentence patterns.

Final Answer:
The word that is closest in meaning to exemption is Immunity.