question_answer

Direction: Read the passage carefully and answer the question given below it. Certain words/phrases are given in bold to help you locate them while answering some of the questions.

The most comprehensive indicator of economic growth in an economy is the average annual growth in real Gross Domestic Product (GDP) that is originating within the geographical boundary and measured at constant base period prices. It would, therefore, reflect average incremental availability of goods and services produced domestically in the economy over time. When the growth of real GDP is adjusted for the population growth, it gives the average annual growth of per capita real GDP and reflects closely the improvements in standard of living enjoyed by people in the economy on an average over time. This is particularly valid for large countries where the cross-border flows of goods and services are limited in relation to the amount produced within the geographical boundary. These three average annual growth rates in (i) real GDP, (ii) population and (iii) per capita GDP (PCI) are very significant parameters to reflect the performance and prospects of economic development in any country over a fairly long time period. The history of economic growth in India is both interesting and educative. Comparable time series estimates of real GDP in India can be stretched back till the year 1890 for meaningful analysis. The growth performance during the first phase when the country was under the last 50 years of the British rule was the worst during all the phases so far. Real GDP grew at around 1 per cent annually and so did the population. As a result, the per capita real income almost stagnated for the first fifty years of the last century in India. Since the last fifty years of the British rule in the country were perhaps the best period for the Indian economy under their rule of about 190 years in terms of development of all physical and social overhead capital such as railways, ports, schools, colleges, hospitals, banks and other institutions, it can be safely assumed that the stagnation of real living standards of people observed during. 1900-51 was perhaps the phenomenon during the entire period of 190 years of the British rule in the country. These two centuries of stagnation ensured that one of the richest countries in the world luring everybody by its wealth and prosperity turned into one of the poorest countries by the year 1950-51.

 

Direction: Choose the word/group of words which is MOST OPPOSITE in meaning of the word/group if words printed in bold as used in the passage.

Prospects

A)  impossibility                 

B)  chance      

C)  hope                           

D)  anticipation  

E)  likelihood