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Most of the global economy is now subject to positive economic trends: unemployment is falling, ……(1) gaps are closing, growth is picking up, and, for reasons that are not yet clear, inflation remains below the major central banks’ targets. On the other hand, productivity growth remains weak, income ……(2) is increasing, and less educated workers are struggling to find attractive employment opportunities.
After eight years of aggressive ……(3) , developed economies are emerging from an ……(4) deleveraging phase that naturally suppressed growth from the demand side. As the level and ……(5) of debt has been shifted, deleveraging pressures have been reduced, allowing for a ……(6) global expansion.
Still, in time, the primary determinant of GDP growth – and the ……(7) of growth patterns – will be gains in productivity. Yet, as things stand, there is ample reason to doubt that productivity will pick up on its own. There are several important items missing from the policy mix that cast a shadow over the realization of both full-scale productivity growth and a shift to more inclusive growth patterns.
First, growth potential can’t be realized without sufficient human capital. This lesson is apparent in the experience of developing countries, but it applies to developed economies, too. Unfortunately, across most economies, skills and capabilities do not seem to be keeping pace with rapid structural shifts in labor markets. Governments have proved either unwilling or unable to act aggressively in terms of education and skills ……(8) or in redistributing income. And in countries like the United States, the distribution of income and wealth is so ……(9) that lower-income households cannot afford to invest in measures to ……(10) to rapidly changing employment conditions.
Second, most job markets have a large information gap that will need to be closed. Workers know that change is coming, but they do not know how skills requirements are evolving, and thus cannot base their choices on concrete data. Governments, educational institutions, and businesses have not come anywhere close to providing adequate guidance on this front.
- 1) modify, alter
2) output, return
3) convert, transform
4) inconsistency, variationAnswer – 2)
Explanation: output and return is suitable pair of words as per given paragraph and have similar meaning which means the amount of something produced by a person, machine, or industry. - 1) restyle, refashion
2) product, redesign
3) production, manufacture
4) inequality, disproportionAnswer – 4)
Explanation: inequality and disproportion is suitable pair of words as per given paragraph and have similar meaning which means difference in size, degree, circumstances, etc.; lack of equality. - 1) manufacturing, making
2) stimulus, precipitant
3) yield, harvest
4) variability, divergenceAnswer – 2)
Explanation: stimulus and precipitant is suitable pair of words as per given paragraph and have similar meaning which means a thing or event that evokes a specific functional reaction in an organ or tissue. - 1) stimulant, encouragement
2) producing, construction
3) achievement, accomplishment
4) extended, inventAnswer – 4)
Explanation: extended and invent is suitable pair of words as per given paragraph and have similar meaning which means create or design (something that has not existed before); be the originator of. - 1) make, produce
2) writings, creation
3) composition, constitution
4) building, fabricationAnswer – 3)
Explanation: composition and constitution is suitable pair of words as per given paragraph and have similar meaning which means the nature of something’s ingredients or constituents; the way in which a whole or mixture is made up. - 1) concoct, hatch
2) impetus, boost
3) assembly, creation
4) synchronized, adjustAnswer – 4)
Explanation: synchronized and adjust is suitable pair of words as per given paragraph and have similar meaning which means cause to occur or operate at the same time or rate. - 1) inclusivity, comprehensive
2) prompt, prod
3) build, construct
4) devise, formulateAnswer – 1)
Explanation: inclusivity and comprehensive is suitable pair of words as per given paragraph and have similar meaning which means including all the services or items normally expected or required. - 1) create, fabricate
2) retraining, comprehensive
3) incentive, inducement
4) overall , exceptionAnswer – 2)
Explanation: retraining and comprehensive is suitable pair of words as per given paragraph and have similar meaning which means teach (someone) new skills to enable them to do a different job. - 1) configuration, structure
2) skewed, twisted
3) inspiration, fillip
4) prefabricate, processAnswer – 2)
Explanation: skewed and twisted is suitable pair of words as per given paragraph and have similar meaning which means suddenly change direction or position. - 1) askew, crooked
2) impulse, provocation
3) motive, motivation
4) adapt, alterAnswer – 4)
Explanation: adapt and alter is suitable pair of words as per given paragraph and have similar meaning which means make (something) suitable for a new use or purpose; modify.
