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Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.
Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.
Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.
Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.
Q. With reference to "ideological bias", the passage implies that
  • a)
    free market is fair, but not competent
  • b)
    free market is fair and competent
  • c)
    free market is not fair, but competent
  • d)
    free market is neither fair nor biased
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Directions: Read the following passage carefully and then answer the ...
In the passage it has been stated that the apologists of free market system believe that unregulated market is fair and competent. This is an ideological bias because they tend to overlook the defects of free market which are income inequality and exploitation of poor, etc. Therefore, apologists take a one-sided, biased position. Hence, with reference to ''ideological bias'', the passage implies that free market is fair and competent.
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Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. According to the passage, what do the apologists of the "Free Market System" believe in?

Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. The phrase that is closest in meaning to the word “Apologist” is

Group QuestionRead the passage given below and answer the questions that follow.The only function of economic forecasting is to make astrology look respectable, John Kenneth Galbraith, an irreverent economist, once said. Since economic output represents the aggregated activity of billions of people, influenced by forces seen and unseen, it is a wonder forecasters ever get it right. Yet economists cannot resist trying. As predictions for 2016 are unveiled, it is worth assessing the soothsayers records.Forecasters usually rely on two different predictive approaches. One is theory-based, shaped by how economists believe economies behave. The other is data-based, shaped by how economies have behaved in the past. The simplest of the theoretical bunch is the Solow growth model, named for Robert Solow, a Nobel-prize winning economist. It posits that poorer countries should generally invest more and grow faster than rich ones. Central banks and other big economic institutions use far more complicated formulas, often grouped under the bewildering label of dynamic stochastic general equilibrium (DSGE) models. These try to anticipate the ups and downs of big economies by modelling the behaviour of individual households and firms.The empirical approach is older; indeed, it was the workhorse of government forecasting in the 1940s and 1950s. Data-based models analyse the relationship between hundreds or thousands of economic variables, from the price of potatoes to snowfall in January. They then work out how zinc sales, for example, affect investment and growth in the years that follow.Both strategies have faced withering criticism. DSGE models, for all their complexity, are typically built around oversimplifications of how markets function and people behave. Data-based models suffer from their own shortcomings. In a paper published in 1995 Greg Mankiw of Harvard University argued that they face insurmountable statistical problems. Too many things tend to happen at once to isolate cause and effect: liberalised trade might boost growth, or liberalisation might be the sort of thing that governments do when growth is rising, or both liberalisation and growth might follow from some third factor. And there are too many potential influences on growth for economists to know whether a seemingly strong relationship between variables is real or would disappear if they factored in some other relevant titbit, such as the wages of Canadian lumberjacks.In practice, most forecasters combine the two approaches and inject, when necessary, a dose of common sense. The IMF, for instance, relies on a global model, built in part on economic theory and in part on data analysis. The global projections generated by that hybrid model are combined with country-specific details to produce country-level forecasts. The country forecasts are then checked for consistency against the global projections and adjusted when necessaryto make sure, for example, that most countries do not show strong trade growth when the global projection heralds a decline in trade. A recent analysis of the IMFs forecasts by the organisations Independent Evaluation Office concluded that their accuracy was comparable to that of private-sector forecasts. However, the accuracy of forecasts are always under speculation.Q. Which of the following is a shortcoming of a data-based model?

Read the passage given below and answer the questions that follow.“The only function of economic forecasting is to make astrology look respectable,” John Kenneth Galbraith, an irreverent economist, once said. Since economic output represents the aggregated activity of billions of people, influenced by forces seen and unseen, it is a wonder forecasters ever get it right. Yet economists cannot resist trying. As predictions for 2016 are unveiled, it is worth assessing the soothsayers’ records.Forecasters usually rely on two different predictive approaches. One is theory-based, shaped by how economists believe economies behave. The other is data-based, shaped by how economies have behaved in the past. The simplest of the theoretical bunch is the Solow growth model, named for Robert Solow, a Nobel-prize winning economist. It posits that poorer countries should generally invest more and grow faster than rich ones. Central banks and other big economic institutions use far more complicated formulas, often grouped under the bewildering label of “dynamic stochastic general equilibrium” (DSGE) models. These try to anticipate the ups and downs of big economies by modelling the behaviour of individual households and firms.The empirical approach is older; indeed, it was the workhorse of government forecasting in the 1940s and 1950s. Data-based models analyse the relationship between hundreds or thousands of economic variables, from the price of potatoes to snowfall in January. They then work out how zinc sales, for example, affect investment and growth in the years that follow.Both strategies have faced withering criticism. DSGE models, for all their complexity, are typically built around oversimplifications of how markets function and people behave. Data-based models suffer from their own shortcomings. In a paper published in 1995 Greg Mankiw of Harvard University argued that they face insurmountable statistical problems. Too many things tend to happen at once to isolate cause and effect: liberalised trade might boost growth, or liberalisation might be the sort of thing that governments do when growth is rising, or both liberalisation and growth might follow from some third factor. And there are too many potential influences on growth for economists to know whether a seemingly strong relationship between variables is real or would disappear if they factored in some other relevant titbit, such as the wages of Canadian lumberjacks.In practice, most forecasters combine the two approaches and inject, when necessary, a dose of common sense. The IMF, for instance, relies on a global model, built in part on economic theory and in part on data analysis. The global projections generated by that hybrid model are combined with country-specific details to produce country-level forecasts. The country forecasts are then checked for consistency against the global projections and adjusted when necessary—to make sure, for example, that most countries do not show strong trade growth when the global projection heralds a decline in trade. A recent analysis of the IMF’s forecasts by the organisation’s Independent Evaluation Office concluded that their accuracy was “comparable to that of private-sector forecasts”. However, the accuracy of forecasts are always under speculation.Q. Which of the following is a shortcoming of a data-based model?

Read the passage given below and answer the questions that follow.“The only function of economic forecasting is to make astrology look respectable,” John Kenneth Galbraith, an irreverent economist, once said. Since economic output represents the aggregated activity of billions of people, influenced by forces seen and unseen, it is a wonder forecasters ever get it right. Yet economists cannot resist trying. As predictions for 2016 are unveiled, it is worth assessing the soothsayers’ records.Forecasters usually rely on two different predictive approaches. One is theory-based, shaped by how economists believe economies behave. The other is data-based, shaped by how economies have behaved in the past. The simplest of the theoretical bunch is the Solow growth model, named for Robert Solow, a Nobel-prize winning economist. It posits that poorer countries should generally invest more and grow faster than rich ones. Central banks and other big economic institutions use far more complicated formulas, often grouped under the bewildering label of “dynamic stochastic general equilibrium” (DSGE) models. These try to anticipate the ups and downs of big economies by modelling the behaviour of individual households and firms.The empirical approach is older; indeed, it was the workhorse of government forecasting in the 1940s and 1950s. Data-based models analyse the relationship between hundreds or thousands of economic variables, from the price of potatoes to snowfall in January. They then work out how zinc sales, for example, affect investment and growth in the years that follow.Both strategies have faced withering criticism. DSGE models, for all their complexity, are typically built around oversimplifications of how markets function and people behave. Data-based models suffer from their own shortcomings. In a paper published in 1995 Greg Mankiw of Harvard University argued that they face insurmountable statistical problems. Too many things tend to happen at once to isolate cause and effect: liberalised trade might boost growth, or liberalisation might be the sort of thing that governments do when growth is rising, or both liberalisation and growth might follow from some third factor. And there are too many potential influences on growth for economists to know whether a seemingly strong relationship between variables is real or would disappear if they factored in some other relevant titbit, such as the wages of Canadian lumberjacks.In practice, most forecasters combine the two approaches and inject, when necessary, a dose of common sense. The IMF, for instance, relies on a global model, built in part on economic theory and in part on data analysis. The global projections generated by that hybrid model are combined with country-specific details to produce country-level forecasts. The country forecasts are then checked for consistency against the global projections and adjusted when necessary—to make sure, for example, that most countries do not show strong trade growth when the global projection heralds a decline in trade. A recent analysis of the IMF’s forecasts by the organisation’s Independent Evaluation Office concluded that their accuracy was “comparable to that of private-sector forecasts”. However, the accuracy of forecasts are always under speculationQ. According to the author, the IMF relies on

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Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer?
Question Description
Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: Read the following passage carefully and then answer the question based on what is stated or implied in the passage.Many nations now place their faith in capitalism and governments choose it as the strategy to create wealth for their people. The spectacular economic growth seen in Brazil, China and India after the liberalisation of their economies is proof of its enormous potential and success. However, the global banking crisis and the economic recession have left many bewildered. The debates tend to focus on free market operations and forces, their efficiency and their ability for self correction. Issues of justice, integrity and honesty are rarely elaborated to highlight the failure of the global banking system. The apologists of the system continue to justify the success of capitalism and argue that the recent crisis was a blip.Their arguments betray an ideological bias with the assumptions that an unregulated market is fair and competent, and that the exercise of private greed will be in the larger public interest.Few recognise the bidirectional relationship between capitalism and greed; that each reinforces the other. Surely, a more honest conceptualisation of the conflicts of interest among the rich and powerful players who have benefited from the system, their biases and ideology is needed; the focus on the wealth creation should also highlight the resultant gross inequity.Q. With reference to "ideological bias", the passage implies thata)free market is fair, but not competentb)free market is fair and competentc)free market is not fair, but competentd)free market is neither fair nor biasedCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CAT tests.
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