PrepTest 126, Section 2, Question 26
In economics, the term "speculative bubble" refers to(462 more words not shown)
The main purpose of the(4 more words not shown)
- Apresent the facts(9 more words not shown)
- Bidentify the mistake(7 more words not shown)
- Cexplain the basis(12 more words not shown)
- Dundermine the case(12 more words not shown)
- Eoutline the factual(12 more words not shown)
Reading the passage
My first description of paragraph two is background: it tells us what happened in the tulip market and expands on Mackay's account. Garber's explanation comes afterward.
What we’re looking for
The answer may describe that role more abstractly. If it does, we should be able to connect each part back to a person, a claim, or the price history.
Working the answers
- A
Garber acknowledges the broad rise and fall in prices, but we're not told that every expert accepts every fact here. More importantly, the paragraph develops Mackay's account rather than surveying expert agreement.
- B
The paragraph doesn't identify Garber's alleged problem with Mackay's interpretation. We get that explanation in the third paragraph.
- CCorrect
The basis is the history of rising prices, speculation, and collapse. The scholar drawing the inference is Mackay, and the inference is that this was a speculative bubble. The other scholar is Garber, who disagrees. That is a more precise description of the background role we predicted.
- D
The paragraph presents the account Garber will challenge; it doesn't yet undermine it.
- E
Garber's disagreement doesn't make the second paragraph a list of factual errors. He accepts the broad price pattern and offers a different explanation for it.
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