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 (9) as per the context of the passage from the given options?
levels
Understanding the Knowledge Economy Passage
The passage discusses the transition to a 'knowledge economy', where knowledge itself is a key economic driver. It highlights that the traditional rules governing the 20th-century industrial economy, focused on physical resources, need updating for today's interconnected world. In this new era, intangible assets like 'know-how' are increasingly valuable.
Analyzing Blank (9) in Context
The specific sentence we need to focus on is: "These rules need to be rewritten at the ____ of firms and industries in terms of knowledge policy or knowledge-related policy." We need to find a word for the blank that logically fits the idea of applying policy changes across different aspects of businesses and sectors.
Evaluating Options for Blank (9)
Let's look at the given options:
- gates: If we use 'gates', the sentence becomes "at the gates of firms and industries". This implies entry points or access, suggesting rules about who or what can enter or leave a firm/industry. This doesn't fit the context of rewriting internal policies across the organization.
- doors: Similar to 'gates', using 'doors' ("at the doors of firms and industries") suggests access points. It doesn't capture the idea of applying rules broadly within the structure of firms and industries.
- ways: Using 'ways' ("at the ways of firms and industries") is grammatically awkward. While 'ways' can mean methods or manners, the preposition 'at' combined with 'ways' doesn't clearly convey the intended meaning of scope or structure for policy application.
- levels: Filling the blank with 'levels' results in "at the levels of firms and industries". This makes logical sense. 'Levels' can refer to different organizational tiers (e.g., strategic level, operational level, management level) or different strata within an industry. It suggests that the rules and policies need to be re-evaluated and rewritten across these various dimensions within companies and the broader industrial landscape to adapt to the knowledge economy.
Conclusion for Blank (9)
Based on the analysis, 'levels' is the most suitable word. It accurately reflects the need to adjust knowledge policy across different organizational and industrial structures to thrive in the knowledge economy.
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.
