Question : Comprehension:
In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank.
Globalisation is not a new (1)_______. Traders travelled vast distances in ancient times to buy commodities that were (2) ______and expensive for sale in their homelands. The Industrial Revolution brought (3)_________ in transportation and communication in the 19th century that eased trade across borders. The think tank, Peterson Institute for International Economics (PIIE), states globalisation (4)________after World War I and nations moved toward (5)________ as they launched import taxes to more closely guard their industries in the aftermath of the conflict.
Select the most appropriate option to fill in the blank number 5.
Option 1: protectionism
Option 2: integration
Option 3: liberalisation
Option 4: diversification
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Correct Answer: protectionism
Solution : The correct choice is the first option.
The sentence talks about nations moving towards something after World War I as they launched import taxes to more closely guard their industries. The term that best fits the context is protectionism. It refers to the policy or practice of protecting a country's industries by imposing tariffs or quotas on imported goods, thereby shielding domestic industries from foreign competition.
The meanings of other options are as follows:
- Integration: It refers to the process of combining or coordinating different elements into a unified whole.
- Liberalisation : It involves the relaxation of government regulations or restrictions, especially in the economic sphere.
- Diversification: It refers to the strategy of expanding or varying products, services, or markets to reduce risk by spreading investments across different areas.
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