The paradox of choice is illustrated by the story of Buridan's ass. Jean Buridan, the 14th century philosopher, wrote about free will and the inability to choose due to numerous choices and uncertainties. In the story, a donkey stands between two equally appealing stacks of hay. Unable to decide which to eat, it starves to death. Changes in technology and innovations such as smart phones and tablets only exacerbate our glut of choices. Constant connectivity and overconsumption of real-time data and social media can leave little room for self-reflection and rest, making decisions more difficult. Life is about choices. Many people are overwhelmed with attractive life choices, yet find themselves unhappy and anxious.
Which one of the following statements best reflects the most logical message implied by the above passage?
Household finance in India is unique. We have a tendency to invest heavily in physical assets such as gold and property. Steps to encourage the financialization of savings are critical. A populace accustomed to traditional processes will not simply jump into financialization. Hurdles to change include onerous bureaucracy, a scepticism of organized financial institutions, a lack of basic information about which of the myriad basic information about which of the myriad services and providers is best for each family, and how (and even if) one can make the transition between them if necessary.
Regarding the financialization of household savings, which of the following statements best reflect the solutions that are implied by the passage?
1. A flexible environment is needed to develop solutions.
2. Households need customised solutions.
3. Innovations in financial technology are required.
Select the correct answer using the code given below:
Pharmaceutical patents grant protection to the patentee for the duration of the patent term. The patentees enjoy the liberty to determine the prices of medicines, which is time-limited to the period of monopoly, but could be unaffordable to the public. Such patent protection offered to the patentees is believed to benefit the public over the longer term through innovations and research and development (R&D), although it comes at a cost, in the nature of higher prices for the patented medicine. The patent regime and price protection - through a legally validated high price for the medicine during the currency of the patent - provide the patentee with a legitimate mechanism to get returns on the costs incurred in innovation and research.
Based on the above passage, the following assumptions have been made:
1. Patent protection given to patentees puts a huge burden on public's purchasing power in accessing patented medicines.
2. Dependence on other countries for pharmaceutical products is a huge burden for developing and poor countries.
3. Providing medicines to the public at affordable prices is a key goal during the public health policy design in many countries.
4. Governments need to find an appropriate balance between the rights of patentees and the requirements of the patients.
Which of the above assumptions are valid?
India should ensure the growth of the digital economy while keeping personal data of citizens secure and protected. No one will innovate in a surveillance-oriented environment or in a place where an individual's personal information is compromised. The ultimate control of data must reside with the individuals who generate it; they should be enabled to use, restrict or monetise it as they wish. Therefore, data protection laws should enable the right kind of innovation - one that is user-centric and privacy protecting.
Based on the above passage, the following assumptions have been made:
1. Protection of privacy is not just a right, but it has value to the economy.
2. There is a fundamental link between privacy and innovation.
Which of the above assumptions is/are valid?