PrepTest 138, Section 1, Question 21
David Warsh's book describes a great contradiction inherent(451 more words not shown)
The passage states which one(3 more words not shown)
- AThe only way(15 more words not shown)
- BEconomics fails in(11 more words not shown)
- CThe Pin Factory(14 more words not shown)
- DUnder the Pin(12 more words not shown)
- EAdam Smith did(14 more words not shown)
Reading the passage
This is a stated-information question, so distinguish what the author actually tells us from an economic claim that might sound plausible. In particular, we know why the Pin Factory was long neglected: the author expressly attributes the problem to mathematical difficulty rather than ideology.
Working the answers
- A
Worker specialization explains increasing returns in the factory example. That doesn't establish that specialization is the only possible way increasing returns can occur. An example of a mechanism isn't an exhaustive rule.
- B
Economists' scientific aspirations explain why they value mathematical rigor. The author doesn't conclude that economics has failed to be scientific. In fact, the account distinguishes easily formalized models from one that was harder to formalize.
- CCorrect
The fourth paragraph directly says “it wasn't about ideology.” The obstacle was following the easier mathematical path while increasing returns resisted rigorous representation.
- D
This reverses the Pin Factory's implication. Increasing returns give large firms a cost advantage and create a tendency toward monopoly. The need to prevent monopoly power belongs to the explanation of the Invisible Hand.
- E
Smith introduced both ideas, but the author never tells us whether he recognized the tension between them. Describing both ideas doesn’t establish whether he noticed their conflict.
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