62. Reading Skills Comprehension: Modern Economics

By | June 18, 2019

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MODERN ECONOMICS

(C.D.S. 1993)

Read the Passage carefully and answers the following Questions:-

 Modern economics does not differentiate between renewable and non-renewable materials, as its method is to measure everything by means of a money price. Thus, taking various alternative fuels, like coal, oil, wood or water power: the only difference between them recognized by modern economics is the relative cost per equivalent unit. The cheapest is automatically the one to be preferred, as to do otherwise would be it-rational and ‘uneconomic.’ From a Buddhist point of view, of course, this will not do, the essential difference between non-renewable fuels like coal and oil on the one hand and renewable fuels like wood and water-power on the other cannot be simply overlooked. Non-renewable goods must be used only if they are indispensable, and then only with the greatest care and the highest concern for conservation. ‘lb use them carelessly or extravagantly is an act of violence, and while complete non-violence may not be possible on this earth, it is none the less the duty of man to aim at the idea of non-violence in all he does.

1. In this passage, the author is trying to 

(a) differentiate between two economic philosophies

(b) underline the need for conserving natural resources

 (c) show that the modern economist is concerned only with costs

 (d) differentiate between renewable and non-renewable materials

2. According to the passage, Buddhist economists are not in favour of

 (a) using non-renewable sources

 (b) measuring everything in terms of money

(c) applying non-violence to every sphere of life

 (d) economic development

3. The Buddhist economist’s attitude implies that fuels like coal and oil must be used only if

 (a) there is no alternative fuel available.

 (b) the relative cost of each is lower than that of wood and water.

(c) wood and water power can be dispensed with.

(d) there is a plentiful supply.

4. Which of the following statements may be assumed to be false from information in the passage?

1. The writer finds the attitude of modern economists towards natural resources to be uneconomic.

 2. Buddhist economists are indifferent to the cost of fuels.

 3. To use oil on non-essentials is contrary to the Buddhist economic philosophy.

4. To fell a tree is an act of violence not permitted by Buddhist economists.

Of the above statements, the correct ones are

 (a) 1 and 2                  (b) 1,2 and 4

(c) 3 and 4                   (d) 1,2,3 and 4

5. Fill in the blanks with the appropriate pair of phrases:

 The passage suggests that while a modern economist considers it uneconomic to use——   form of fuel,——- a Buddhist economist considers it uneconomic to use form of fuel.

 (a) a rational- an unessential

(b) an expensive- an undeniable

 (c) an irrational – an essential

(d) a cheap -a renewable

ANSWERS:-

1. (c)

2. (b)

3. (a)

4. (c)

5. (b)

Download the above Passage in PDF (Printable)

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