Comprehension UGC NET Paper 2 Commerce 7th Dec 2023 Shift 1

Read the given passage and answer the questions that follow:

For most of its existence as a modern field of study since the 18th century, economics has fared reasonably well at explaining consumer and producer behavior. It explained why buyers choose the products they do, how firms produce them to maximize profit, and how markets discover the most efficient prices. This changed with the Great Depression, when aggregate variables came into play that needed a better understanding than an assumption that markets return to equilibrium after shocks. Thus came into existence macroeconomics, the most dismal aspect of the dismal science. Economics has since diversified into quite a few other branches, such as those employing statistics and psychology, but most of its disrepute originates from its failure to predict financial crises.

"Macro' by its very nature - dealing with GDP, employment, inflation and other important but soporific matters and parameters - is headline- grabbing stuff. Governments come into play here, as do international relations. Yet, macro eludes the scientific method of testing hypotheses with repeated experiments: one can't conceivably wreck an economy to establish the effects of a shock. Instead, macroeconomists can only back-test their models against data that may be of questionable provenance. This makes prediction of the next stock market crash forever embarrassingly less exact than the return of Halley's Comet

Microeconomics, the reputable part of the endeavor, suffers from fewer limitations to controlled parameter experiments and delivers less equivocal insights. The explosion of commerce in the modern world owes itself in no small measure to predicting actions by the smallest economic agents: humans. Here, too, heroic assumptions are made, the foremost being that human beings are rational and information is free. The crisis in economic modelling arises from aggregating billions of micro truths into one macro truth. Models are improving, so are quantitative capabilities, and the qualitative judgements that drive macro policy will become more refined.

Read the given passage and answer the questions that follow:

For most of its existence as a modern field of study since the 18th century, economics has fared reasonably well at explaining consumer and producer behavior. It explained why buyers choose the products they do, how firms produce them to maximize profit, and how markets discover the most efficient prices. This changed with the Great Depression, when aggregate variables came into play that needed a better understanding than an assumption that markets return to equilibrium after shocks. Thus came into existence macroeconomics, the most dismal aspect of the dismal science. Economics has since diversified into quite a few other branches, such as those employing statistics and psychology, but most of its disrepute originates from its failure to predict financial crises.

"Macro' by its very nature - dealing with GDP, employment, inflation and other important but soporific matters and parameters - is headline- grabbing stuff. Governments come into play here, as do international relations. Yet, macro eludes the scientific method of testing hypotheses with repeated experiments: one can't conceivably wreck an economy to establish the effects of a shock. Instead, macroeconomists can only back-test their models against data that may be of questionable provenance. This makes prediction of the next stock market crash forever embarrassingly less exact than the return of Halley's Comet

Microeconomics, the reputable part of the endeavor, suffers from fewer limitations to controlled parameter experiments and delivers less equivocal insights. The explosion of commerce in the modern world owes itself in no small measure to predicting actions by the smallest economic agents: humans. Here, too, heroic assumptions are made, the foremost being that human beings are rational and information is free. The crisis in economic modelling arises from aggregating billions of micro truths into one macro truth. Models are improving, so are quantitative capabilities, and the qualitative judgements that drive macro policy will become more refined.

Read the given passage and answer the questions that follow:

For most of its existence as a modern field of study since the 18th century, economics has fared reasonably well at explaining consumer and producer behavior. It explained why buyers choose the products they do, how firms produce them to maximize profit, and how markets discover the most efficient prices. This changed with the Great Depression, when aggregate variables came into play that needed a better understanding than an assumption that markets return to equilibrium after shocks. Thus came into existence macroeconomics, the most dismal aspect of the dismal science. Economics has since diversified into quite a few other branches, such as those employing statistics and psychology, but most of its disrepute originates from its failure to predict financial crises.

"Macro' by its very nature - dealing with GDP, employment, inflation and other important but soporific matters and parameters - is headline- grabbing stuff. Governments come into play here, as do international relations. Yet, macro eludes the scientific method of testing hypotheses with repeated experiments: one can't conceivably wreck an economy to establish the effects of a shock. Instead, macroeconomists can only back-test their models against data that may be of questionable provenance. This makes prediction of the next stock market crash forever embarrassingly less exact than the return of Halley's Comet

Microeconomics, the reputable part of the endeavor, suffers from fewer limitations to controlled parameter experiments and delivers less equivocal insights. The explosion of commerce in the modern world owes itself in no small measure to predicting actions by the smallest economic agents: humans. Here, too, heroic assumptions are made, the foremost being that human beings are rational and information is free. The crisis in economic modelling arises from aggregating billions of micro truths into one macro truth. Models are improving, so are quantitative capabilities, and the qualitative judgements that drive macro policy will become more refined.

Question:

Read the given passage and answer the questions that follow:

For most of its existence as a modern field of study since the 18th century, economics has fared reasonably well at explaining consumer and producer behavior. It explained why buyers choose the products they do, how firms produce them to maximize profit, and how markets discover the most efficient prices. This changed with the Great Depression, when aggregate variables came into play that needed a better understanding than an assumption that markets return to equilibrium after shocks. Thus came into existence macroeconomics, the most dismal aspect of the dismal science. Economics has since diversified into quite a few other branches, such as those employing statistics and psychology, but most of its disrepute originates from its failure to predict financial crises.

"Macro' by its very nature - dealing with GDP, employment, inflation and other important but soporific matters and parameters - is headline- grabbing stuff. Governments come into play here, as do international relations. Yet, macro eludes the scientific method of testing hypotheses with repeated experiments: one can't conceivably wreck an economy to establish the effects of a shock. Instead, macroeconomists can only back-test their models against data that may be of questionable provenance. This makes prediction of the next stock market crash forever embarrassingly less exact than the return of Halley's Comet

Microeconomics, the reputable part of the endeavor, suffers from fewer limitations to controlled parameter experiments and delivers less equivocal insights. The explosion of commerce in the modern world owes itself in no small measure to predicting actions by the smallest economic agents: humans. Here, too, heroic assumptions are made, the foremost being that human beings are rational and information is free. The crisis in economic modelling arises from aggregating billions of micro truths into one macro truth. Models are improving, so are quantitative capabilities, and the qualitative judgements that drive macro policy will become more refined.

Read the given passage and answer the questions that follow:

For most of its existence as a modern field of study since the 18th century, economics has fared reasonably well at explaining consumer and producer behavior. It explained why buyers choose the products they do, how firms produce them to maximize profit, and how markets discover the most efficient prices. This changed with the Great Depression, when aggregate variables came into play that needed a better understanding than an assumption that markets return to equilibrium after shocks. Thus came into existence macroeconomics, the most dismal aspect of the dismal science. Economics has since diversified into quite a few other branches, such as those employing statistics and psychology, but most of its disrepute originates from its failure to predict financial crises.

"Macro' by its very nature - dealing with GDP, employment, inflation and other important but soporific matters and parameters - is headline- grabbing stuff. Governments come into play here, as do international relations. Yet, macro eludes the scientific method of testing hypotheses with repeated experiments: one can't conceivably wreck an economy to establish the effects of a shock. Instead, macroeconomists can only back-test their models against data that may be of questionable provenance. This makes prediction of the next stock market crash forever embarrassingly less exact than the return of Halley's Comet

Microeconomics, the reputable part of the endeavor, suffers from fewer limitations to controlled parameter experiments and delivers less equivocal insights. The explosion of commerce in the modern world owes itself in no small measure to predicting actions by the smallest economic agents: humans. Here, too, heroic assumptions are made, the foremost being that human beings are rational and information is free. The crisis in economic modelling arises from aggregating billions of micro truths into one macro truth. Models are improving, so are quantitative capabilities, and the qualitative judgements that drive macro policy will become more refined.

Read the given passage and answer the questions that follow.

Over $350 billion of private capital has been deployed over the last decade, which has propelled more than 5,000 enterprises. These new businesses are anchored in innovative business models combining the full potential of technology, facilitating every Indian to fulfil their aspirations.

The big shift in the last decade is the reimagination of India as an addressable market of 300 million households, a massive shift from only 20 million households in tier-1 cities earlier. This has been propelled by the strong partnership between entrepreneurs and the PE/VC ecosystem. The share of FDI funnelled into PE/VC has surged to 50-60%, up from 20-30% two decades back.

Besides the tremendous focus on value creation, the PE/VC industry has brought about multidimensional progress in the economy. The principles of responsible investing that this industry is committed to have enabled the building of a more equitable, inclusive economy, and one that has earned the trust of large global investors as an attractive investment destination.

The PE/VC ecosystem sparked a renaissance, empowering young minds to take a bold leap. This led to a change in mindset where entrepreneurship is now an accepted livelihood and, indeed, a proud way of life. Today, startups and new businesses are celebrated, and many are giving up established careers to follow their heart, with families standing as stalwart supporters of entrepreneurship. The proportionality of risk and reward has been embraced, forging a harmonious relationship between uncertainty and achievement.

Stories at home and those that went global are a testament to the power of partnerships between the capital provider and entrepreneurs, transforming a large democracy to be self-reliant, and elevating over a billion people to a new world of greater aspirations and confidence.

This revolution has been largely possible because of Gol's thrust towards attracting capital. The frameworks of alternative investment funds (AIFs), GIFT City IFSC, Startup India programme and budget allocations, coupled with progressive amendments such as GST and India Stack, have made India an attractive destination for investment.

Read the given passage and answer the questions that follow.

Over $350 billion of private capital has been deployed over the last decade, which has propelled more than 5,000 enterprises. These new businesses are anchored in innovative business models combining the full potential of technology, facilitating every Indian to fulfil their aspirations.

The big shift in the last decade is the reimagination of India as an addressable market of 300 million households, a massive shift from only 20 million households in tier-1 cities earlier. This has been propelled by the strong partnership between entrepreneurs and the PE/VC ecosystem. The share of FDI funnelled into PE/VC has surged to 50-60%, up from 20-30% two decades back.

Besides the tremendous focus on value creation, the PE/VC industry has brought about multidimensional progress in the economy. The principles of responsible investing that this industry is committed to have enabled the building of a more equitable, inclusive economy, and one that has earned the trust of large global investors as an attractive investment destination.

The PE/VC ecosystem sparked a renaissance, empowering young minds to take a bold leap. This led to a change in mindset where entrepreneurship is now an accepted livelihood and, indeed, a proud way of life. Today, startups and new businesses are celebrated, and many are giving up established careers to follow their heart, with families standing as stalwart supporters of entrepreneurship. The proportionality of risk and reward has been embraced, forging a harmonious relationship between uncertainty and achievement.

Stories at home and those that went global are a testament to the power of partnerships between the capital provider and entrepreneurs, transforming a large democracy to be self-reliant, and elevating over a billion people to a new world of greater aspirations and confidence.

This revolution has been largely possible because of Gol's thrust towards attracting capital. The frameworks of alternative investment funds (AIFs), GIFT City IFSC, Startup India programme and budget allocations, coupled with progressive amendments such as GST and India Stack, have made India an attractive destination for investment.

Read the given passage and answer the questions that follow.

Over $350 billion of private capital has been deployed over the last decade, which has propelled more than 5,000 enterprises. These new businesses are anchored in innovative business models combining the full potential of technology, facilitating every Indian to fulfil their aspirations.

The big shift in the last decade is the reimagination of India as an addressable market of 300 million households, a massive shift from only 20 million households in tier-1 cities earlier. This has been propelled by the strong partnership between entrepreneurs and the PE/VC ecosystem. The share of FDI funnelled into PE/VC has surged to 50-60%, up from 20-30% two decades back.

Besides the tremendous focus on value creation, the PE/VC industry has brought about multidimensional progress in the economy. The principles of responsible investing that this industry is committed to have enabled the building of a more equitable, inclusive economy, and one that has earned the trust of large global investors as an attractive investment destination.

The PE/VC ecosystem sparked a renaissance, empowering young minds to take a bold leap. This led to a change in mindset where entrepreneurship is now an accepted livelihood and, indeed, a proud way of life. Today, startups and new businesses are celebrated, and many are giving up established careers to follow their heart, with families standing as stalwart supporters of entrepreneurship. The proportionality of risk and reward has been embraced, forging a harmonious relationship between uncertainty and achievement.

Stories at home and those that went global are a testament to the power of partnerships between the capital provider and entrepreneurs, transforming a large democracy to be self-reliant, and elevating over a billion people to a new world of greater aspirations and confidence.

This revolution has been largely possible because of Gol's thrust towards attracting capital. The frameworks of alternative investment funds (AIFs), GIFT City IFSC, Startup India programme and budget allocations, coupled with progressive amendments such as GST and India Stack, have made India an attractive destination for investment.

Read the given passage and answer the questions that follow.

Over $350 billion of private capital has been deployed over the last decade, which has propelled more than 5,000 enterprises. These new businesses are anchored in innovative business models combining the full potential of technology, facilitating every Indian to fulfil their aspirations.

The big shift in the last decade is the reimagination of India as an addressable market of 300 million households, a massive shift from only 20 million households in tier-1 cities earlier. This has been propelled by the strong partnership between entrepreneurs and the PE/VC ecosystem. The share of FDI funnelled into PE/VC has surged to 50-60%, up from 20-30% two decades back.

Besides the tremendous focus on value creation, the PE/VC industry has brought about multidimensional progress in the economy. The principles of responsible investing that this industry is committed to have enabled the building of a more equitable, inclusive economy, and one that has earned the trust of large global investors as an attractive investment destination.

The PE/VC ecosystem sparked a renaissance, empowering young minds to take a bold leap. This led to a change in mindset where entrepreneurship is now an accepted livelihood and, indeed, a proud way of life. Today, startups and new businesses are celebrated, and many are giving up established careers to follow their heart, with families standing as stalwart supporters of entrepreneurship. The proportionality of risk and reward has been embraced, forging a harmonious relationship between uncertainty and achievement.

Stories at home and those that went global are a testament to the power of partnerships between the capital provider and entrepreneurs, transforming a large democracy to be self-reliant, and elevating over a billion people to a new world of greater aspirations and confidence.

This revolution has been largely possible because of Gol's thrust towards attracting capital. The frameworks of alternative investment funds (AIFs), GIFT City IFSC, Startup India programme and budget allocations, coupled with progressive amendments such as GST and India Stack, have made India an attractive destination for investment.

Read the given passage and answer the questions that follow.

Over $350 billion of private capital has been deployed over the last decade, which has propelled more than 5,000 enterprises. These new businesses are anchored in innovative business models combining the full potential of technology, facilitating every Indian to fulfil their aspirations.

The big shift in the last decade is the reimagination of India as an addressable market of 300 million households, a massive shift from only 20 million households in tier-1 cities earlier. This has been propelled by the strong partnership between entrepreneurs and the PE/VC ecosystem. The share of FDI funnelled into PE/VC has surged to 50-60%, up from 20-30% two decades back.

Besides the tremendous focus on value creation, the PE/VC industry has brought about multidimensional progress in the economy. The principles of responsible investing that this industry is committed to have enabled the building of a more equitable, inclusive economy, and one that has earned the trust of large global investors as an attractive investment destination.

The PE/VC ecosystem sparked a renaissance, empowering young minds to take a bold leap. This led to a change in mindset where entrepreneurship is now an accepted livelihood and, indeed, a proud way of life. Today, startups and new businesses are celebrated, and many are giving up established careers to follow their heart, with families standing as stalwart supporters of entrepreneurship. The proportionality of risk and reward has been embraced, forging a harmonious relationship between uncertainty and achievement.

Stories at home and those that went global are a testament to the power of partnerships between the capital provider and entrepreneurs, transforming a large democracy to be self-reliant, and elevating over a billion people to a new world of greater aspirations and confidence.

This revolution has been largely possible because of Gol's thrust towards attracting capital. The frameworks of alternative investment funds (AIFs), GIFT City IFSC, Startup India programme and budget allocations, coupled with progressive amendments such as GST and India Stack, have made India an attractive destination for investment.