IIFT 2022 Slot 1 Question Paper (18th Dec)

For the following questions answer them individually

:Read the following Passage and Answer the questions given below:

You absolutely must develop feelings of self-esteem and confidence to become empowered. o amount of willpower can surmount the feeling of defeatism. Any negative thoughts will filter into your subconscious mind, which does not question or analyze the data it receives. If you have experienced repeated failure in past attempts to change a behavior pattern, your total self-image becomes established and fixed as one of failure. You become so convinced that you are incapable of reversing this trend that you eventually stop picturing a desirable goal for yourself. You resign yourself to accepting the current situation as being permanent and helpless.  

A positive self-image must be fed into your subconscious mind without being evaluated by the critical factor of your conscious mind proper (defense mechanisms). The most efficient and effective method of accomplishing this goal is by practicing self-hypnosis.

Although many obstacles may arise during your consciousness raising program, the proper use of self-programming will transform these former roadblocks into stepping-stones of success. Once you envision succeeding in your goals, former difficulties disappear, and the subconscious becomes your chief ally in strengthening your ability to meet challenges.

The subconscious mind contains all memories. It is a natural computer and is continually being programmed with data originating from the conscious mind proper. The subconscious cannot alter this data; however~ it does direct the conscious mind to act in a specific way. The conscious mind is always resistant to change, any change, even if it is for the better. The conscious mind likes business as usual. Consciousness raising and behavioral changes are not business as usual; therefore, the conscious mind is your only enemy.

By seeing yourself as you desire to be, you are reprogramming your subconscious computer. This does not require a critical acceptance, because your subconscious is incapable of analytical thought. Accompanying this visualization will be a feeling that you have already attained this goal. This as-if approach is remarkable successful.

Once you achieve a particular goal using the subconscious mind~ the maintenance of this goal will be effortless. When something attempts to interfere with the proper functioning of the reprogrammed subconscious, your internal computer will recognize the error immediately, and it will be corrected by this feedback mechanism.

Your initial efforts in reprogramming the subconscious require a certain amount of mental training, which encompasses all new goals and aspirations. Daily practice of the exercises self-hypnosis, yoga~ hetero-hypnosis, and trance results in a permanent reprogramming of the subconscious computer and a spontaneous incorporation of this goal. Willpower is neither necessary nor desirable for this paradigm. This is one example of raising consciousness.

Your imagination can create a new mental image of yourself. If you have properly implanted the subconscious with positive images and suggestions, you automatically alter your behavior to act in accordance with this new programming. A new sense of well-being and accomplishment accompany this pattern of behavior. You will be able to feel this sense of confidence and empowerment for prolonged periods following additional practice sessions.

Willpower alone cannot result in permanent changes in behavior. The problem with the willpower approach is that you are consciously placing too much emphasis on past failures. As a result, your mental mind-set is not conducive to improvement, and subsequent efforts prove only more frustrating. Success in applying consciousness-raising techniques depends on the subconscious mind's uncritical acceptance of constructive suggestions. Thus, the most effective method of achieving this is through the use of self-hypnosis.

Read the following Passage and Answer the questions given below:

Widespread currency manipulation, mainly in developing and newly industrialized economies, is the most important development of the past decade in international financial markets. In an attempt to hold-down the values of their currencies, governments are distorting capital flows by around $1.5 trillion per year. The result is a net drain on aggregate demand in the United States and the Euro area by an amount roughly equal to the large output gaps in the United States and the Euro area. In other words, millions more Americans and Europeans would be employed if other countries did not manipulate their currencies and instead achieved sustainable growth through higher domestic demand.

The United States has lost 1 million to 5 million jobs due to this foreign currency manipulation. More than 20 countries have increased their aggregate foreign exchange reserves and other official foreign assets by an annual average of nearly $1. 5 trillion in recent years. This build-up of official assets-mainly through intervention in the foreign exchange markets; keeps the currencies of the interveners substantially undervalued, thus boosting their international competitiveness and trade surpluses. The corresponding trade deficits are spread around the world, but the largest share of the loss centers on the United States, whose trade deficit has increased by $200 billion to $500 billion per year as a result.

The United States must tighten fiscal policy over the coming decade to bring its national debt under control. Monetary policy has already exhausted most of its expansionary potential. Hence the United States must eliminate or at least sharply reduce its large trade deficit to accelerate growth and restore full employment. The way to do so, at no cost to the US budget, is to insist that other countries stop manipulating their currencies and permit the dollar to regain a competitive level. This can be done through steps fully consistent with the international obligations of the United States that are indeed based on existing International Monetary Fund (IMF) guidelines.

Such a strategy should in fact attract considerable support from other countries that are adversely affected b the manipulation, including Australia, Canada, the euro area, Brazil, India, Mexico, and a number of other developing economies. The strategy would aim to fill a major gap in the existing international financial architecture: its inability to engage surplus countries, even when they blatantly violate the legal strictures against competitive currency undervaluation, in an equitable sharing of global rebalancing requirements.

The United States and its allies should first seek voluntary agreement from the manipulators to sharply reduce or eliminate their intervention. The United States should inform the manipulators that if they do not do so, the United States will adopt four new policy measures against their currency activities. First, it will undertake countervailing currency intervention (CCI) against countries with convertible currencies by buying amounts of their currencies equal to the amounts of dollars they are buying themselves, to neutralize the impact on exchange rates. Second, it will tax the earnings on, or restrict further purchases of, dollar assets acquired by intervening countries with inconvertible currencies (where CCI could therefore not be fully effective to penalize them for building up these positions. Third, it will hereafter treat manipulated exchange rates as export subsidies for purposes of levying countervailing import duties. Fourth, hopefully with a number of other adversely affected countries, it will bring a case against the manipulators in the World Trade Organization (WTO) that would authorize more wide-ranging trade retaliation.