In the following passage, some words have been deleted. Fill in the blanks with the help of the alternatives given. Select the most appropriate option for each number. A knowledge economy is either economy of knowledge focused on the economy of the producing and management of knowledge or a knowledge-based economy. In the second meaning, more (1) _____ used, it is a phrase that refers to the use of (2) ______ to produce economic benefits. The (3) ______ was popularized by Peter Drucker in his book the Age of Discontinuity.
In this new economy, it is (4) _____ that the key to success is "knowledge". But the rules and (5) ______ that determine (6)_____ in the industrial economy of the 20th Century need rewriting in an interconnected (7) _____ where resources such as know-how are more (8) _____ than other economic resources. These rules need to be rewritten at the (9) _____ of firms and industries in terms of knowledge policy or knowledge-related policy. (10) ______, this means that business must be in a constant process of change and adaptation to the new economic realities.
Which of the following words should be filled at (5) as per the context of the passage from the given options?
practices
Knowledge Economy Passage: Selecting Word for Blank (5)
This question requires understanding the context of a passage discussing the evolution from the traditional industrial economy to the modern knowledge economy. The specific task is to accurately fill the blank at position (5) with the most suitable word from the given options.
Context of the Knowledge Economy
The passage defines a knowledge economy as one centered around the production, distribution, and utilization of knowledge. It contrasts this with the previous industrial economy of the 20th Century, suggesting that the foundational elements dictating success in the latter need significant updates for the current interconnected global landscape. Peter Drucker is mentioned as popularizing this concept.
Analyzing Blank (5)
The sentence containing blank (5) reads: "But the rules and (5) ______ that determine (6)_____ in the industrial economy of the 20th Century need rewriting..." We need to find a word that logically pairs with "rules" and relates to factors determining success in an economy.
Evaluating Options for Blank (5)
Let's consider each option in relation to "rules":
- duties: While rules often imply duties, the phrase "rules and duties" doesn't comprehensively represent the operational mechanisms that determine economic success.
- practices: The combination "rules and practices" fits the context perfectly. Established practices are the customary ways of operating within an industry or economy. Together with formal rules, these practices significantly influence outcomes and success.
- progress: "Rules and progress" is an illogical pairing. Progress is typically a result or goal, not an element alongside rules that determines success.
- advantages: Pairing "rules and advantages" is also inappropriate. Advantages are benefits derived, not components that work alongside rules to determine economic performance.
Conclusion for Blank (5)
Given the context, the phrase "rules and practices" accurately reflects the components that governed the industrial economy. The passage advocates for rewriting these elements, alongside formal rules, to adapt to the new economic realities where knowledge and know-how are paramount. Therefore, practices is the most appropriate word to fill blank (5).
Important Questions from Vocab and Grammar Based Questions
Select the most appropriate option that will fill in the blank number 2.
Select the most appropriate option that will fill in the blank number 3.
Select the most appropriate option that will fill in the blank number 4.
Select the most appropriate option that will fill in the blank number 5.
Select the most appropriate option to fill in blank number 1.
