Based on the passage:
India's economic footprint, given its population, still remains small compared to the US, the European Union or China. It has much to learn from other economies, yet must implement solutions that fit its unique circumstances. India especially needs an effective long-term regulatory system based on collaboration rather than the current top-down approach. Regulations seek desirable outcomes yet are repeatedly used as political tools to push one agenda or another. Often, regulations fail to consider impacts on jobs and economic growth — or less restrictive alternatives. Regulations may be used to protect local markets at the expense of more widely shared prosperity in the future. Additionally, regulations inevitably result in numerous unintended consequences. In today's hyper competitive global economy, regulations need to be viewed as "weapons" that seek cost-justified social and environmental benefits while improving the economic well-being of most citizens.

On the basis of the above passage, the following assumptions have been made:
In today's global economy,
1. regulations are not effectively used to protect local markets.
2. social and environmental concerns are generally ignored by the governments across the world while implementing the regulations.

Which of the above assumptions is/are valid?

Question

Based on the passage:
India's economic footprint, given its population, still remains small compared to the US, the European Union or China. It has much to learn from other economies, yet must implement solutions that fit its unique circumstances. India especially needs an effective long-term regulatory system based on collaboration rather than the current top-down approach. Regulations seek desirable outcomes yet are repeatedly used as political tools to push one agenda or another. Often, regulations fail to consider impacts on jobs and economic growth — or less restrictive alternatives. Regulations may be used to protect local markets at the expense of more widely shared prosperity in the future. Additionally, regulations inevitably result in numerous unintended consequences. In today's hyper competitive global economy, regulations need to be viewed as "weapons" that seek cost-justified social and environmental benefits while improving the economic well-being of most citizens.

On the basis of the above passage, the following assumptions have been made:
In today's global economy,
1. regulations are not effectively used to protect local markets.
2. social and environmental concerns are generally ignored by the governments across the world while implementing the regulations.

Which of the above assumptions is/are valid?

Accepted Answer

Correct Option: Neither 1 nor 2 Let's evaluate the assumptions based on the passage. Assumption 1 states: 'regulations are not effectively used to protect local markets.' The passage actually states that 'Regulations may be used to protect local markets at the expense of more widely shared prosperity in the future,' which means they *are* used for that purpose, making assumption 1 invalid. Assumption 2 states: 'social and environmental concerns are generally ignored by the governments across the world while implementing the regulations.' The passage does not make any sweeping global claim about governments across the world ignoring social and environmental concerns; rather, it states that regulations should seek cost-justified social and environmental benefits. Thus, assumption 2 is also invalid. Therefore, neither assumption 1 nor 2 is valid.

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