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Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.
Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on one's ability to adapt and learn continuously.
This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.
The government's role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.
Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.
Q. Based on the passage above, which of the following summaries is most accurate?
  • a)
    The passage discusses the impact of the digital economy's rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.
  • b)
    The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.
  • c)
    The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.
  • d)
    The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Passage: Over the past decade, there has been a significant shift in t...
The passage comprehensively discusses the economic changes due to the post-industrial era and the rise of the digital economy, mentioning the opportunities and challenges arising from it, and how these changes have led to societal and economic polarization. It also touches upon the debate concerning government intervention and underscores the emerging consensus on the importance of continuous learning. Option A encapsulates all these aspects, making it the most accurate summary. The other options either narrowly focus on certain elements or interpret the passage’s suggestions prescriptively.
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Community Answer
Passage: Over the past decade, there has been a significant shift in t...
Overview of the Passage
The passage explores the complexities of the modern economic landscape shaped by the rise of the digital economy and its effects on society.
Key Points Supporting Option A
- Economic Polarization: The passage emphasizes how the transition to a digital economy has created opportunities for some while leaving others behind, particularly those reliant on traditional manufacturing jobs.
- Lifelong Learning: It highlights the necessity for continuous learning and skill acquisition to navigate the changing job market, indicating that adaptability is crucial for professional success in this era.
- Government Debate: The text presents an ongoing debate about the role of government intervention to address these shifts, including re-education programs and wealth redistribution strategies, but does not advocate for any single approach as the only solution.
- Societal Repercussions: The passage acknowledges the societal impacts of these economic changes, such as widening income inequality, while calling for a robust support system to empower individuals.
Why Other Options Are Less Accurate
- Option B: This option focuses solely on negative impacts and suggests government intervention as the only solution, which oversimplifies the nuanced discussion in the passage.
- Option C: Although the passage mentions technological advancements, it is not the primary focus. The broader economic implications and the need for skill acquisition are more central.
- Option D: While income inequality is discussed, the passage does not strictly advocate for government policies as the sole means of addressing these issues, making this option too narrow.
Conclusion
Option A accurately captures the essence of the passage by addressing the dual nature of opportunities and challenges in the digital economy, along with the importance of adaptive learning and the debate surrounding government intervention.
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Direction: Read the following passage carefully and answer the questions given below:Richard Goodwin, the well-known American economist who taught at Harvard before migrating to Cambridge, England, because of the McCarthyite witch-hunt of the 1950s, and who, although a Marxist, did some simulations on a model of a capitalist economy. The economy in the model experienced a wave of innovations while output was determined by aggregate demand; and the simulation results showed that unless wages increased significantly because of the introduction of innovations, output and employment at the end of the wave would be lower than at the beginning. There is no reason, however, for such a rise in wages despite the rise in labour productivity because the rise in unemployment through which alone such a rise in labour productivity manifests itself would weaken workers’ bargaining strength for enforcing higher wages. The conclusion about technological change causing economic retrogression in such a capitalist economy therefore remains unaffected.Capitalist economies, however, have not actually seen economic retrogression as a consequence of technological change. The question arises: why not? If as technological change is introduced and there is a simultaneous increase in aggregate demand for some independent reason, then there need not be either a decline in employment or output in the economy introducing such a change. But there is no reason why such an increase should occur within the capitalist sector. It will have to come from outside, and not just as a coincidence; the capitalist sector must cause such an independent expansion in aggregate demand to happen. In short, it will need to have a ‘market on tap’ existing outside of it that it can turn to to prevent a decline in output and employment. This idea, originally advanced by Rosa Luxemburg, has been borne out in practice. Capitalism has generally had such a ‘market on tap’ (a phrase of the economic historian, S.B. Saul), which is why technological change under it has been accompanied not by economic retrogression but by economic progress. [Extracted with edits and revision from ‘Flawed Idea Innovation and Retrogression’ by Prabhat Patnaik, Telegraph India]Q.Which of the following statements best supports the claim that, when technological revolution occurs, the capitalist sector must independently trigger an increase in aggregate demand?

Four legal approaches may be followed in attempting to channel technological development in socially useful direction: specific directives, market incentive modifications, criminal prohibitions, and changes in decision-making structures. Specific directives involve the government’s identifying factors controlling research, development, or implementation of a given technology. Market incentive modifications are deliberate alterations of the market within which private decisions regarding the development and implementation of technology are made. eg Imposing taxes to cover the costs to society, granting subsidies to pay for social benefits, or easing procedural rules to enable the recovery of damages to compensate for harm caused by destructive technological activity. Criminal prohibitions may modify technological activity in areas impinging on fundamental social values, or they may modify human behavior likely to result from technological applications. Alteration of decision-making structures includes all possible modifications in the authority, constitution, or responsibility of private and public entities deciding questions of technological development and implementation.Effective use of these methods to control technology depends on whether or not the goal of regulation is the optimal allocation of resources. When the object is optimal resource allocation, that combination of legal methods should be used that most nearly yields the allocation that would exist if there were no external costs resulting from allocating resources through market activity. There are external costs when the price set by buyers and sellers of goods fails to include some costs, to anyone, that result from the production and use of the goods. Such costs are internalized when buyers pay them.Air pollution from motor vehicles imposes external costs on all those exposed to it, in the form of soiling, materials damage, and disease: these externalities result from failure to place a price on air, thus making it a free good, common to all. Such externalities lead to nonoptimal resource allocation, because the private net product and the social net product of market activity are not often identical. If all externalities were internalized, transactions would occur until bargaining could no longer improve the situation, thus giving an optimal allocation of resources at a given time.Q. The passage is primarily concerned with describing

Direction: Read the following passage carefully and answer the questions given below:Richard Goodwin, the well-known American economist who taught at Harvard before migrating to Cambridge, England, because of the McCarthyite witch-hunt of the 1950s, and who, although a Marxist, did some simulations on a model of a capitalist economy. The economy in the model experienced a wave of innovations while output was determined by aggregate demand; and the simulation results showed that unless wages increased significantly because of the introduction of innovations, output and employment at the end of the wave would be lower than at the beginning. There is no reason, however, for such a rise in wages despite the rise in labour productivity because the rise in unemployment through which alone such a rise in labour productivity manifests itself would weaken workers’ bargaining strength for enforcing higher wages. The conclusion about technological change causing economic retrogression in such a capitalist economy therefore remains unaffected.Capitalist economies, however, have not actually seen economic retrogression as a consequence of technological change. The question arises: why not? If as technological change is introduced and there is a simultaneous increase in aggregate demand for some independent reason, then there need not be either a decline in employment or output in the economy introducing such a change. But there is no reason why such an increase should occur within the capitalist sector. It will have to come from outside, and not just as a coincidence; the capitalist sector must cause such an independent expansion in aggregate demand to happen. In short, it will need to have a ‘market on tap’ existing outside of it that it can turn to to prevent a decline in output and employment. This idea, originally advanced by Rosa Luxemburg, has been borne out in practice. Capitalism has generally had such a ‘market on tap’ (a phrase of the economic historian, S.B. Saul), which is why technological change under it has been accompanied not by economic retrogression but by economic progress. [Extracted with edits and revision from ‘Flawed Idea Innovation and Retrogression’ by Prabhat Patnaik, Telegraph India]Q.According to the passage, what did the simulations on a model of a capitalist economy by Richard Goodwin reveal about the relationship between innovations and wages?

Direction: Read the following passage carefully and answer the questions given below:Richard Goodwin, the well-known American economist who taught at Harvard before migrating to Cambridge, England, because of the McCarthyite witch-hunt of the 1950s, and who, although a Marxist, did some simulations on a model of a capitalist economy. The economy in the model experienced a wave of innovations while output was determined by aggregate demand; and the simulation results showed that unless wages increased significantly because of the introduction of innovations, output and employment at the end of the wave would be lower than at the beginning. There is no reason, however, for such a rise in wages despite the rise in labour productivity because the rise in unemployment through which alone such a rise in labour productivity manifests itself would weaken workers’ bargaining strength for enforcing higher wages. The conclusion about technological change causing economic retrogression in such a capitalist economy therefore remains unaffected.Capitalist economies, however, have not actually seen economic retrogression as a consequence of technological change. The question arises: why not? If as technological change is introduced and there is a simultaneous increase in aggregate demand for some independent reason, then there need not be either a decline in employment or output in the economy introducing such a change. But there is no reason why such an increase should occur within the capitalist sector. It will have to come from outside, and not just as a coincidence; the capitalist sector must cause such an independent expansion in aggregate demand to happen. In short, it will need to have a ‘market on tap’ existing outside of it that it can turn to to prevent a decline in output and employment. This idea, originally advanced by Rosa Luxemburg, has been borne out in practice. Capitalism has generally had such a ‘market on tap’ (a phrase of the economic historian, S.B. Saul), which is why technological change under it has been accompanied not by economic retrogression but by economic progress. [Extracted with edits and revision from ‘Flawed Idea Innovation and Retrogression’ by Prabhat Patnaik, Telegraph India]Q.What is a compelling explanation for the lack of wage increases in a capitalist market structure despite improvements in labor productivity?

Direction: Read the following passage carefully and answer the questions given below:Richard Goodwin, the well-known American economist who taught at Harvard before migrating to Cambridge, England, because of the McCarthyite witch-hunt of the 1950s, and who, although a Marxist, did some simulations on a model of a capitalist economy. The economy in the model experienced a wave of innovations while output was determined by aggregate demand; and the simulation results showed that unless wages increased significantly because of the introduction of innovations, output and employment at the end of the wave would be lower than at the beginning. There is no reason, however, for such a rise in wages despite the rise in labour productivity because the rise in unemployment through which alone such a rise in labour productivity manifests itself would weaken workers’ bargaining strength for enforcing higher wages. The conclusion about technological change causing economic retrogression in such a capitalist economy therefore remains unaffected.Capitalist economies, however, have not actually seen economic retrogression as a consequence of technological change. The question arises: why not? If as technological change is introduced and there is a simultaneous increase in aggregate demand for some independent reason, then there need not be either a decline in employment or output in the economy introducing such a change. But there is no reason why such an increase should occur within the capitalist sector. It will have to come from outside, and not just as a coincidence; the capitalist sector must cause such an independent expansion in aggregate demand to happen. In short, it will need to have a ‘market on tap’ existing outside of it that it can turn to to prevent a decline in output and employment. This idea, originally advanced by Rosa Luxemburg, has been borne out in practice. Capitalism has generally had such a ‘market on tap’ (a phrase of the economic historian, S.B. Saul), which is why technological change under it has been accompanied not by economic retrogression but by economic progress. [Extracted with edits and revision from ‘Flawed Idea Innovation and Retrogression’ by Prabhat Patnaik, Telegraph India]Q.Why does the passage suggest that capitalist economies have not experienced economic retrogression due to technological change?

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Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer?
Question Description
Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer?.
Solutions for Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.
Here you can find the meaning of Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Passage: Over the past decade, there has been a significant shift in the global economic landscape. Economists and policymakers are grappling with the fallout of a post-industrial economy, where traditional manufacturing jobs have dwindled due to a combination of outsourcing, automation, and evolving economic policies. This change has left a vast section of the population, once reliant on these sectors, struggling to find stability in the new economic order.Simultaneously, the rise of the digital economy has created unparalleled opportunities for a different segment of the workforce. These opportunities, however, require a skill set that is markedly diverse from what was necessary in the past. The rapid pace of technological advancement means that professional success in the current context often depends on ones ability to adapt and learn continuously.This economic polarization has led to societal repercussions, contributing to widening income inequality. Researchers have observed this phenomenon in multiple countries, noting that the middle class, once the backbone of the economy, is shrinking. The wealthy continue to amass significant capital, particularly those strategically positioned to benefit from digital advancements, while the lower-income segments face stagnation.The governments role in addressing these shifts remains a topic of intense debate. Some argue for more significant intervention, including re-education programs, subsidies for industries negatively impacted by the changes, and more progressive taxation to redistribute wealth more equitably. Critics of this approach, however, caution against excessive government involvement, pointing to potential dampening effects on innovation and economic freedom.Amid these debates, one emerging consensus is the need for a robust support system to facilitate lifelong learning and skill acquisition. This approach is not without challenges, as it necessitates a fundamental rethinking of societal structures, including education and social safety nets. The goal would be to empower individuals to navigate these economic shifts proactively, rather than being passively subjected to the whims of global market forces.Q. Based on the passage above, which of the following summaries is most accurate?a)The passage discusses the impact of the digital economys rise, which has polarized society by creating opportunities for some while leaving others behind, leading to debates on government intervention and the need for continuous learning in the new economic landscape.b)The focus of the passage is on the negative impacts of the post-industrial economy, particularly the loss of traditional jobs, and suggests government intervention as the sole method to assist those who have been negatively affected.c)The text primarily discusses the role of technological advancements in the economy, arguing that these changes necessitate a complete societal overhaul, including education systems and social safety nets.d)The passage highlights income inequality resulting from the new economy, advocating for government policies to redistribute wealth and facilitate skill acquisition and lifelong learning for all citizens.Correct answer is option 'A'. 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