GMAT Question of the Day: Daily via email | Daily via Instagram New to GMAT Club? Watch this Video

 It is currently 31 Mar 2020, 03:27

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

A conventional view of nineteenth-century Britain holds that iron manu

Author Message
TAGS:

Hide Tags

Intern
Joined: 03 Feb 2016
Posts: 10
A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

Updated on: 09 Oct 2019, 02:08
1
3
Question 1
00:00

based on 337 sessions

66% (03:27) correct 34% (03:13) wrong

HideShow timer Statistics

Question 2
00:00

based on 406 sessions

41% (01:13) correct 59% (01:29) wrong

HideShow timer Statistics

Question 3
00:00

based on 414 sessions

60% (01:37) correct 40% (01:32) wrong

HideShow timer Statistics

Question 4
00:00

based on 395 sessions

58% (01:07) correct 42% (01:19) wrong

HideShow timer Statistics

Question 5
00:00

based on 379 sessions

74% (01:20) correct 26% (01:29) wrong

HideShow timer Statistics

Question 6
00:00

based on 363 sessions

50% (01:39) correct 50% (01:37) wrong

HideShow timer Statistics

Question 7
00:00

based on 332 sessions

67% (01:33) correct 33% (01:45) wrong

HideShow timer Statistics

New Project RC Butler 2019 - Practice 2 RC Passages Everyday
Passage # 38, Date : 19-FEB-2019
This post is a part of New Project RC Butler 2019. Click here for Details

A conventional view of nineteenth-century Britain holds that iron manufacturers and textile manufacturers from the north of England became the wealthiest and most powerful people in society after about 1832. According to Marxist historians, these industrialists were the target of the working class in its struggle for power. A new study by Rubinstein, however, suggests that the real wealth lay with the bankers and merchants of London. Rubinstein does not deny that a northern industrial elite existed but argues that it was consistently outnumbered and outdone by a London-based commercial elite. His claims are provocative and deserve consideration.

Rubinstein’s claim about the location of wealth comes from his investigation of probate records. These indicate the value of personal property, excluding real property (buildings and land), left by individuals at death. It does seem as if large fortunes were more frequently made in commerce than in industry and, within industry, more frequently from alcohol or tobacco than from textiles or metal. However, such records do not unequivocally make Rubinstein’s case. Uncertainties abound about how the probate rules for valuing assets were actually applied. Mills and factories, being real property, were clearly excluded: machinery may also have been, for the same reason. What the valuation conventions were for stock-in-trade (goods for sale) is also uncertain. It is possible that their probate values were much lower than their actual market value: cash or near-cash, such as bank balances or stocks, were, on the other hand, invariably considered at full face value. A further complication is that probate valuations probably took no notice of a business’s goodwill (favor with the public) which, since it represents expectations about future profit-making, would today very often be a large fraction of market value. Whether factors like these introduced systematic biases into the probate valuations of individuals with different types of businesses would be worth investigating.

The orthodox view that the wealthiest individuals were the most powerful is also questioned by Rubinstein’s study. The problem for this orthodox view is that Rubinstein finds many millionaires who are totally unknown to nineteenth-century historians: the reason for their obscurity could be that they were not powerful. Indeed, Rubinstein dismisses any notion that great wealth had anything to do with entry into the governing elite, as represented by bishops, higher civil servants, and chairmen of manufacturing companies. The only requirements were university attendance and a father with a middle-class income.

Rubinstein, in another study, has begun to buttress his findings about the location of wealth by analyzing income tax returns, which reveal a geographical distribution of middle-class incomes similar to that of wealthy incomes revealed by probate records. But until further confirmatory investigation is done, his claims can only be considered partially convincing.

1. The main idea of the passage is that

(A) the Marxist interpretation of the relationship between class and power in nineteenth-century Britain is no longer viable
(B) a simple equation between wealth and power is unlikely to be supported by new data from nineteenth-century British archives
(C) a recent historical investigation has challenged but not disproved the orthodox view of the distribution of wealth and the relationship of wealth to power in nineteenth-century Britain
(D) probate records provide the historian with a revealing but incomplete glimpse of the extent and location of wealth in nineteenth-century Britain
(E) an attempt has been made to confirm the findings of a new historical study of nineteenth-century Britain, but complete confirmation is likely to remain elusive

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are
(B) ambiguous and outdated
(D) revealing but difficult to interpret
(E) widely used by historians but fully understandable only by specialists

3. The author suggests that the total probate valuations of the personal property of individuals holding goods for sale in nineteenth-century Britain may have been
(A) affected by the valuation conventions for such goods
(B) less accurate than the valuations for such goods provided by income tax returns
(C) less, on average, if such goods were tobacco-related than if they were alcohol-related
(D) greater, on average, than the total probate valuations of those individuals who held bank balances
(E) dependent on whether such goods were held by industrialists or by merchants or bankers

4. According to the passage, Rubinstein has provided evidence that challenges which one of the following claims about nineteenth-century Britain?
(A) The distribution of great wealth between commerce and industry was not equal.
(B) Large incomes were typically made in alcohol and tobacco rather than in textiles and metal.
(C) A London-based commercial elite can be identified.
(D) An official governing elite can be identified.
(E) There was a necessary relationship between great wealth and power.

5. The author mentions that goodwill was probably excluded from the probate valuation of a business in nineteenth-century Britain most likely in order to

(A) give an example of a business asset about which little was known in the nineteenth century
(B) suggest that the probate valuations of certain businesses may have been significant underestimations of their true market value
(C) make the point that this exclusion probably had an equal impact on the probate valuations of all nineteenth-century British businesses
(D) indicate that expectations about future profit-making is the single most important factor in determining the market value of certain businesses
(E) argue that the twentieth-century method of determining probate valuations of a business may be consistently superior to the nineteenth-century method

6. Which one of the following studies would provide support for Rubinsteinâ€™s claims?

(A) a study that indicated that many members of the commercial elite in nineteenth-century London had insignificant holdings of real property

(B) a study that indicated that in the nineteenth century, industrialists from the north of England were in fact a target for working-class people

(C) a study that indicated that, in nineteenth-century Britain, probate values of goods for sale were not as high as probate values of cash assets

(D) a study that indicated that the wealth of nineteenth-century British industrialists did not appear to be significantly greater when the full value of their real property holdings was actually considered

(E) a study that indicated that at least some members of the official governing elite in nineteenth-century Britain owned more real property than had previously been thought to be the case

7. Which one of the following, if true, would cast the most doubt on Rubinsteinâ€™s argument concerning wealth and the official governing elite in nineteenth-century Britain?

(A) Entry into this elite was more dependent on university attendance than on religious background.
(B) Attendance at a prestigious university was probably more crucial than a certain minimum family income in gaining entry into this elite.
(C) Bishops as a group were somewhat wealthier, at the point of entry into this elite, than were higher civil servants or chairmen of manufacturing companies.
(D) The families of many members of this elite owned few, if any, shares in iron industries and textile industries in the north of England.
(E) The composition of this elite included vice-chancellors, many of whom held office because of their wealth.

• Source: LSAT Official PrepTest 8 (June 1993)
• Difficulty Level: 700

Originally posted by Rosebm on 23 Aug 2017, 05:30.
Last edited by SajjadAhmad on 09 Oct 2019, 02:08, edited 8 times in total.
Updated - Complete topic (874).
Senior Manager
Joined: 31 Jan 2019
Posts: 354
Location: Switzerland
Concentration: General Management
GPA: 3.9
A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

Updated on: 20 Feb 2020, 00:22
2
Hi everyone,
Took around 18 minutes and got 5/7 correct. Took 5 minutes to read, write down paragraphs summaries and main point.

---------------------------------------------------------------------------------------------------------------------------------

P1
Paragraph 1 expresses a contrast between the following parts:
#1 A long held vision according to which the wealth in the 19th century belonged primarily to iron and textile manufacturers from north England. This view is supported by Marxists historians
#2 Rubestein's claim according to which most of the wealth belonged to merchants and bankers of London.

P2
Paragraph 2 is divided in two parts that are in contrast one with the other.
Part 1: it discusses the source from which Rubenstein draws its claim: the probate record. This record suggests that the commercial area was fairly more profitable than the industrial area and that within the industry a greater wealth comes from the sales of tobacco and alcohol rather than textiles or metal

Part 2:
The second part doubts the soundness of the evidence used by Rubensteins for the following reasons:
-Mills and factories were excluded by probate records
-valuation convention for stock i trade is uncertain
-probate valuations probably took no notice of a business’s goodwill

P3
Paragraph 3 talks about Rubenstein's claim according to which wealth and power are not related. The reason according to Rubenstein is that very rich people were unknown. In addition Rubenstein claims that in order to access a job that incorporates power the only requirement is university and a father with middle class income.

P4
Paragraph 4 talks about a further study conducted by Rubenstein. The study focuses on tax return but until further evidence is presented the study is not convincing

MP
Discuss Rubenstein's interesting study by highlighting his findings and analyse some cons of this study

---------------------------------------------------------------------------------------------------------------------------------

1. The main idea of the passage is that

Pre-thinking:
Main point question.
Refer to main point above

(A) the Marxist interpretation of the relationship between class and power in nineteenth-century Britain is no longer viable
Marxists historians are cited briefly in P1. Hence incorrect

(B) a simple equation between wealth and power is unlikely to be supported by new data from nineteenth-century British archives
Out of scope. Hence incorrect

(C) a recent historical investigation has challenged but not disproved the orthodox view of the distribution of wealth and the relationship of wealth to power in nineteenth-century Britain
Rubenstein's study is indeed recent; it has challenged but not disproved the orthodox view of the distribution of wealth and the relationship of wealth to power in nineteenth-century Britain. Hence correct

(D) probate records provide the historian with a revealing but incomplete glimpse of the extent and location of wealth in nineteenth-century Britain
Probate records are the evidence used by Rubenstein to make his claim but cannot be the main point. Hence incorrect

(E) an attempt has been made to confirm the findings of a new historical study of nineteenth-century Britain, but complete confirmation is likely to remain elusive
"confirmation is likely to be elusive" is something not discussed in the passage. Hence incorrect

---------------------------------------------------------------------------------------------------------------------------------

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

Pre-thinking:
Assumption question.
Refer to P2 to answer this question and especially to "However, such records do not unequivocally make Rubinstein’s case. Uncertainties abound about how the probate rules for valuing assets were actually applied."
The author believes that the probate records are incomplete and spends some time discussing why this is the case. Any answer choice in line with this reasoning will be our correct choice

Nowhere mentioned this aspect. Hence incorrect

(B) ambiguous and outdated
Nowhere mentioned this aspect. Hence incorrect

Nowhere mentioned this aspect. Hence incorrect

(D) revealing but difficult to interpret
The author indeed thinks that probate records are useful but she has some reservations about it. Hence correct

(E) widely used by historians but fully understandable only by specialists
Nowhere mentioned this aspect. Hence incorrect

---------------------------------------------------------------------------------------------------------------------------------

3. The author suggests that the total probate valuations of the personal property of individuals holding goods for sale in nineteenth-century Britain may have been

Pre-thinking:
Inference question
Let's refer to P2.
"What the valuation conventions were for stock-in-trade (goods for sale) is also uncertain."

(A) affected by the valuation conventions for such goods
We can see how this choice has the same line of reasoning as the portion of the passage mentioned in pre-thinking has. Hence correct

(B) less accurate than the valuations for such goods provided by income tax returns
Cannot be inferred by the information in the passage. Plus tax returns are mentioned in another context, P4. Hence incorrect

(C) less, on average, if such goods were tobacco-related than if they were alcohol-related
Cannot be inferred by the information in the passage. Tobacco and alcohol are out of context. Hence incorrect

(D) greater, on average, than the total probate valuations of those individuals who held bank balances
Cannot be inferred by the information in the passage. hence incorrect

(E) dependent on whether such goods were held by industrialists or by merchants or bankers
Cannot be inferred by the information in the passage. Hence incorrect

---------------------------------------------------------------------------------------------------------------------------------

4. According to the passage, Rubinstein has provided evidence that challenges which one of the following claims about nineteenth-century Britain?

Pre-thinking:
Detail question.

(A) The distribution of great wealth between commerce and industry was not equal.

(B) Large incomes were typically made in alcohol and tobacco rather than in textiles and metal.
"It does seem as if large fortunes were more frequently made in commerce than in industry and, within industry, more frequently from alcohol or tobacco than from textiles or metal"
Hence incorrect

(C) A London-based commercial elite can be identified.

(D) An official governing elite can be identified.

(E) There was a necessary relationship between great wealth and power.
"The orthodox view that the wealthiest individuals were the most powerful is also questioned by Rubinstein’s study. "
Correct

---------------------------------------------------------------------------------------------------------------------------------

5. The author mentions that goodwill was probably excluded from the probate valuation of a business in nineteenth-century Britain most likely in order to

Pre-thinking:
Purpose question
"A further complication is that probate valuations probably took no notice of a business’s goodwill (favor with the public) which, since it represents expectations about future profit-making, would today very often be a large fraction of market value."

The purpose is to highlight how this factor could actually have an important market value

(A) give an example of a business asset about which little was known in the nineteenth century
Not in line with pre-thinking. Hence incorrect

(B) suggest that the probate valuations of certain businesses may have been significant underestimations of their true market value
In line with pre-thinking. Hence correct

(C) make the point that this exclusion probably had an equal impact on the probate valuations of all nineteenth-century British businesses
Not in line with pre-thinking. Hence incorrect

(D) indicate that expectations about future profit-making is the single most important factor in determining the market value of certain businesses
Not in line with pre-thinking. Hence incorrect

(E) argue that the twentieth-century method of determining probate valuations of a business may be consistently superior to the nineteenth-century method
Not in line with pre-thinking. Hence incorrect

---------------------------------------------------------------------------------------------------------------------------------

6. Which one of the following studies would provide support for Rubinsteinâ€™s claims?

Pre-thinking:
Strengthen question.
Let's treat this question as well as we would do in CR.
A general conclusion made by Rubenstein could be: "probate records are meaningful way to examine wealth"
Now this conclusion should be based on a very important assumption that goes against what the author said in the second paragraph.
Assumption: "Probate records reflect actual wealth and do not undermine any other significant factor in order to establish the amount of wealth owned by someone"

(A) a study that indicated that many members of the commercial elite in nineteenth-century London had insignificant holdings of real property
Not in line with pre-thinking. Hence incorrect

(B) a study that indicated that in the nineteenth century, industrialists from the north of England were in fact a target for working-class people
Not in line with pre-thinking. Hence incorrect

(C) a study that indicated that, in nineteenth-century Britain, probate values of goods for sale were not as high as probate values of cash assets
Not in line with pre-thinking. Hence incorrect

(D) a study that indicated that the wealth of nineteenth-century British industrialists did not appear to be significantly greater when the full value of their real property holdings was actually considered
In line with pre-thinking. Hence correct

(E) a study that indicated that at least some members of the official governing elite in nineteenth-century Britain owned more real property than had previously been thought to be the case
Not in line with pre-thinking. Hence incorrect

---------------------------------------------------------------------------------------------------------------------------------

7. Which one of the following, if true, would cast the most doubt on Rubinsteinâ€™s argument concerning wealth and the official governing elite in nineteenth-century Britain?

Pre-thinking:
Weaken question
this elite is discussed in the second last paragraph.
According to Rubenstein the people belonging to this elite did not need to be wealthy. So any statement suggesting wealth as a requirement will be a weakener.

(A) Entry into this elite was more dependent on university attendance than on religious background.
Not in line with pre-thinking. Hence incorrect

(B) Attendance at a prestigious university was probably more crucial than a certain minimum family income in gaining entry into this elite.
Not in line with pre-thinking. Hence incorrect

(C) Bishops as a group were somewhat wealthier, at the point of entry into this elite, than were higher civil servants or chairmen of manufacturing companies.
Not in line with pre-thinking. Hence incorrect

(D) The families of many members of this elite owned few, if any, shares in iron industries and textile industries in the north of England.
Not in line with pre-thinking. Hence incorrect

(E) The composition of this elite included vice-chancellors, many of whom held office because of their wealth.
This answer links an elite position job to wealth as a requirement. Hence correct

---------------------------------------------------------------------------------------------------------------------------------

It is a good day to be alive, cheers!

Originally posted by auradediligodo on 25 Sep 2019, 01:27.
Last edited by auradediligodo on 20 Feb 2020, 00:22, edited 1 time in total.
Intern
Joined: 17 Jan 2017
Posts: 43
Location: India
Concentration: General Management, Entrepreneurship
GPA: 4
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

09 Jan 2018, 22:37
1
MSarmah wrote:
Can someone explain me Q3 and Q6 ??

3. The author suggests that the total probate valuations of the personal property of individuals holding goods for sale in nineteenth-century Britain may have been
(A) affected by the valuation conventions for such goods
This is so because of the following :

However, such records do not unequivocally make Rubinstein’s case. Uncertainties abound about how the probate rules for valuing assets were actually applied.
(B) less accurate than the valuations for such goods provided by income tax returns
(C) less, on average, if such goods were tobacco-related than if they were alcohol-related
(D) greater, on average, than the total probate valuations of those individuals who held bank balances
(E) dependent on whether such goods were held by industrialists or by merchants or bankers

Does this help?

Intern
Joined: 17 Jan 2017
Posts: 43
Location: India
Concentration: General Management, Entrepreneurship
GPA: 4
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

09 Jan 2018, 22:42
1
6. Which one of the following studies would provide support for Rubinsteinâ€™s claims?
(A) a study that indicated that many members of the commercial elite in nineteenth-century London had insignificant holdings of real property
(B) a study that indicated that in the nineteenth century, industrialists from the north of England were in fact a target for working-class people
(C) a study that indicated that, in nineteenth-century Britain, probate values of goods for sale were not as high as probate values of cash assets
(D) a study that indicated that the wealth of nineteenth-century British industrialists did not appear to be significantly greater when the full value of their real property holdings was actually considered
(E) a study that indicated that at least some members of the official governing elite in nineteenth-century Britain owned more real property than had previously been thought to be the case

This question basically asks what can we use to strengthen the claims? so for that we need to find the weakness which is given in the q3! that is the uncertainity in calculating probate values!

Choice d suggests thats 2 variables of studying probate value does not give a lot of difference so it can be trusted for the difference is minimal and hence the claims can be accepted?

Hope it helps!

Hit kudos
Senior RC Moderator
Status: GMAT Club Team Member
Affiliations: GMAT Club
Joined: 02 Nov 2016
Posts: 5319
GPA: 3.62
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

18 Feb 2020, 22:30
1
hero_with_1000_faces wrote:
17 mins, Got one wrong - question No. 2

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

(B) ambiguous and outdated
(D) revealing but difficult to interpret
(E) widely used by historians but fully understandable only by specialists

I went with "C" - the passage states that "However, such records do not unequivocally make Rubinstein’s case." and "Uncertainties abound about how the probate rules for valuing assets were actually applied."

The tone seems to be of disagreement - will it be stretch to call it controversial ?

And how is "D" right answer ?

Explanation

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

Difficulty Level: 700

Explanation

In the first part of the second paragraph, the author notes that probate records provide interesting information about the distribution of wealth in 19th-century Britain. But in the remainder of the para, he or she notes that there are a number of problems concerning the correct interpretation of these records. So choice (D) is the answer—it touches both bases.

(A), (B), (C) Remember, the author thinks that probate records are eye-opening, though hard to interpret. Of (A), (B) and (C), only (B)’s “ambiguous” and (C)’s “controversial” capture a sense of this feeling. But the second parts of these choices don’t fit the bill: “outdated” gets the time frame wrong, and “readily available” is outside the scope of the issue. (A), meanwhile, is way too critical.

(E) Rubinstein, as far as we know, is the only historian to have worked with these records. Moreover, the author never says or implies that only specialists are able to decipher them.

Hope it helps
_________________
Manager
Joined: 21 Jul 2018
Posts: 180
Location: United States
Concentration: General Management, Social Entrepreneurship
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

21 Feb 2020, 03:52
1
P1: Author wants to consider Rubinstein’s argument that (new view) bankers and merchants have more wealth in numbers than (old view) iron and textile makers.
P2: Rubinstein supports claim with probate records. Records partially support Rubinstein but lots of valuation uncertainty and complications. One should check out this bias.
P3: Rubinstein questions most wealth = most powerful. R: wealth isn’t related to entry into high positions of power.
P4: Rubinstein, other study, support with income tax returns. Support is “meh”.
Main Idea: Investigate the truth of Rubinstein’s challenge of the old view but ultimately finds it is only “partially convincing” on 2 fronts.

1. The main idea of the passage is that

Pre-Thinking: Author investigates Rubinstein’s challenge of the old view but ultimately says his support on 2 fronts is only “partially convincing”.

(A) the Marxist interpretation of the relationship between class and power in nineteenth-century Britain is no longer viable

Error: Too extreme, too narrow
Where to look? According to Marxist historians, these industrialists were the target of the working class in its struggle for power.  Analysis: “Marxist interpretation” is only mentioned in the introduction as an addendum to the power struggle. The passage does not claim the relationship is “no longer viable”. This is extreme; there is no support for this lack of viability. [See: 1) … factors like these introduced systematic biases into the probate valuations…would be worth investigating, 2) his claims can only be considered partially convincing].

(B) a simple equation between wealth and power is unlikely to be supported by new data from nineteenth-century British archives
Error: Too narrow,
Where to look? P3: The orthodox view that the wealthiest individuals were the most powerful is also questioned by Rubinstein’s study.
Analysis: This answer choice discusses the “relationship between wealth and power”, which is most heavily supported in the third paragraph but nothing is mentioned about “new data from 19th century archives…”. Also, the passage seems more focused on investigating Rubinstein’s claims than it is about figuring out the relationship between wealth and power.

(C) a recent historical investigation has challenged but not disproved the orthodox view of the distribution of wealth and the relationship of wealth to power in nineteenth-century Britain
Where to look?
P1: A conventional view of nineteenth-century… A new study by Rubinstein, however, suggests….
P3: But until further confirmatory investigation is done, his claims can only be considered partially convincing.
Analysis: “A recent historical investigation” refers to Rubinstein, who has “not disproved the orthodox view” is accurate (P3 on partially convincing).

(D) probate records provide the historian with a revealing but incomplete glimpse of the extent and location of wealth in nineteenth-century Britain
Error: Too narrow
Where to look?
P2: Rubinstein’s claim about the location of wealth comes from his investigation of probate records….
Analysis: “Probate records” were discussed in paragraph two only. Main idea answers should be broad.

(E) an attempt has been made to confirm the findings of a new historical study of nineteenth-century Britain, but complete confirmation is likely to remain elusive
Where to look?
P1: His claims are provocative and deserve consideration...
P4: But until further confirmatory investigation is done, his claims can only be considered partially convincing.
Analysis “An attempt” likely refers to the author trying to “confirming a new study [Rubenstein’s]” but it doesn’t mention that “complete confirmation is LIKELY to remain elusive” — just that they need more “confirmation”! OR “an attempt” is Rubinstein’s to “confirm a new historical study” would be wrong.

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

Pre-Thinking: Records show some things but there’s a lot of uncertainty with how to interpret it.

Where to look?
P2

Error: Half Right
Might be chosen if you focus on the misleading portion, which might be supported by the “it is possible…..” and “further complication…” Self-contradictory would be more like “the only thing that is certain is uncertainty”.

(B) ambiguous and outdated
Error: Half Right
Ambiguous is supported by uncertainties abound about how probate rules are applied. Outdated may seem like it is supported if you focus on the would today very often be a large fraction of market value…

Error: Irrelevant

(D) revealing but difficult to interpret
Sounds like our pre-thinking! Supported by: These indicate the value of personal property… It does seem as if large fortunes were more frequently made in commerce than in industry… Uncertainties abound…

(E) widely used by historians but fully understandable only by specialists
Error: Irrelevant

3. The author suggests that the total probate valuations of the personal property of individuals holding goods for sale in nineteenth-century Britain may have been

Pre-Thinking: Going back to paragraph 2, it says “it is possible that” goods for sale were “much lower than their actual market value” WHILE cash “invariably considered at full face value.”

(A) affected by the valuation conventions for such goods
Definitively true.

(B) less accurate than the valuations for such goods provided by income tax returns
Error: Irrelevant
Where to look? P4: which reveal a geographical distribution of middle-class incomes similar to that of wealthy incomes revealed by probate records.
Analysis We are barely told about the relationship between valuations on probate records and income tax returns. P4 mentions the “distribution” of wealth is supported by probate records. Not the valuation of goods.

(C) less, on average, if such goods were tobacco-related than if they were alcohol-related
Error: Too narrow
Where to look? P2: It does seem as if large fortunes were more frequently made in commerce than in industry and, within industry, more frequently from alcohol or tobacco than from textiles or metal.
Analysis Not told about tobacco and alcohol difference.

(D) greater, on average, than the total probate valuations of those individuals who held bank balances
Error:
Where to look? P2: It is possible that their probate values were much lower than their actual market value:
Analysis
While it MIGHT be true (“much lower than market value”), we don’t know that it is “greater, on average” than the bankers! There’s no relative scale here. Just because cash was considered at full face value doesn’t mean that goods of sale is obviously greater on average than total probate valuations of bank balances.

(E) dependent on whether such goods were held by industrialists or by merchants or bankers
Error: Not relevant.

4. According to the passage, Rubinstein has provided evidence that challenges which one of the following claims about nineteenth-century Britain?

Pre-Thinking: Rubinstein challenges the idea that the industrialists were the wealthiest using probate records (P2) and relationship between wealth & power (P3).

(A) The distribution of great wealth between commerce and industry was not equal.
Error: This is not a claim about 19c Britain that he disproves.

(B) Large incomes were typically made in alcohol and tobacco rather than in textiles and metal.
Error: This is not a claim about 19c Britain that he disproves.
Why We Might “Fall for It” Proof: It does seem as if large fortunes were more frequently made in commerce than in industry and, within industry, more frequently from alcohol or tobacco than from textiles or metal.

(C) A London-based commercial elite can be identified.
Error: This is not a claim about 19c Britain that he disproves.

(D) An official governing elite can be identified.
Error: This is not a claim about 19c Britain that he disproves.

(E) There was a necessary relationship between great wealth and power.
Proof: The problem for this orthodox view is that Rubinstein finds many millionaires who are totally unknown to nineteenth-century historians: the reason for their obscurity could be that they were not powerful.

5. The author mentions that goodwill was probably excluded from the probate valuation of a business in nineteenth-century Britain most likely in order to

Pre-Thinking: A further complication is that probate valuations probably took no notice of a business’s goodwill (favor with the public) which, since it represents expectations about future profit-making, would today very often be a large fraction of market value.

(A) give an example of a business asset about which little was known in the nineteenth century
Error: Not relevant, off-topic.

(B) suggest that the probate valuations of certain businesses may have been significant underestimations of their true market value
True. Matches our pre-thinking.

(C) make the point that this exclusion probably had an equal impact on the probate valuations of all nineteenth-century British businesses
Error: One word off (“equal impact”)

(D) indicate that expectations about future profit-making is the single most important factor in determining the market value of certain businesses
Error: Too extreme (“single most important factor”)

(E) argue that the twentieth-century method of determining probate valuations of a business may be consistently superior to the nineteenth-century method
Error: Too extreme (“consistently superior”)

6. Which one of the following studies would provide support for Rubinstein’s claims?

Pre-Think: He claims that bankers contained more wealth (so something that says their assets are actually worth more when all else is considered certain based on the accounting gaps). Or that it is true that the rich are not the most powerful.

(A) a study that indicated that many members of the commercial elite in nineteenth-century London had insignificant holdings of real property

(B) a study that indicated that in the nineteenth century, industrialists from the north of England were in fact a target for working-class people

(C) a study that indicated that, in nineteenth-century Britain, probate values of goods for sale were not as high as probate values of cash assets

(D) a study that indicated that the wealth of nineteenth-century British industrialists did not appear to be significantly greater when the full value of their real property holdings was actually considered

(E) a study that indicated that at least some members of the official governing elite in nineteenth-century Britain owned more real property than had previously been thought to be the case

7. Which one of the following, if true, would cast the most doubt on Rubinstein’s argument concerning wealth and the official governing elite in nineteenth-century Britain?

Pre-Thinking: Rubinstein says wealthiest =/= most powerful because so many rich people were obscure. Argues that being obscure means lack of power. We’re looking for a truth that says that being wealth & powerful ARE correlated.

(A) Entry into this elite was more dependent on university attendance than on religious background.
Not mentioned. Might fall for it if you’re drawn by the list of “bishops, higher civil service…” etc.

(B) Attendance at a prestigious university was probably more crucial than a certain minimum family income in gaining entry into this elite.
Attendance to a certain school being a “more crucial” requirement doesn’t disprove his claim.

(C) Bishops as a group were somewhat wealthier, at the point of entry into this elite, than were higher civil servants or chairmen of manufacturing companies.
This answer choice compares the same group of “government elite” and doesn’t disprove Rubenstein.

(D) The families of many members of this elite owned few, if any, shares in iron industries and textile industries in the north of England.

(E) The composition of this elite included vice-chancellors, many of whom held office because of their wealth.
_________________
.
"What you do in practice determines your level of success. I used to tell my players: You have to give 100% everyday. Whatever you don't give, you can't make it up tomorrow."
Intern
Joined: 19 Aug 2017
Posts: 15
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

08 Jan 2018, 18:18
Can someone explain me Q3 and Q6 ??
Intern
Status: kedu
Joined: 02 Dec 2019
Posts: 13
Location: India
Concentration: Strategy, Strategy
GMAT 1: 610 Q50 V23
GPA: 4
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

13 Feb 2020, 05:23
Can someone please explain how C is wrong in Q7 ?
I chose C because it was mentioned "at the time of entry".
Senior RC Moderator
Status: GMAT Club Team Member
Affiliations: GMAT Club
Joined: 02 Nov 2016
Posts: 5319
GPA: 3.62
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

14 Feb 2020, 11:37
gmatyodha wrote:
Can someone please explain how C is wrong in Q7 ?
I chose C because it was mentioned "at the time of entry".

Explanation

7. Which one of the following, if true, would cast the most doubt on Rubinstein's argument concerning wealth and the official governing elite in nineteenth-century Britain?

Difficulty Level: 600

Explanation

We’re asked to pick the scenario that would cast the most doubt on Rubinstein’s argument about the connection between wealth and power. Well, as para 3 tells us, Rubinstein argues that there was no such connection in 19th-century Britain: Wealth, in other words, didn’t automatically give one power, and lack of wealth didn’t automatically exclude one from power. So, if it was to be shown that there was indeed some sort of tangible connection between wealth and power—that possession of wealth did lead to power—this would certainly weaken Rubinstein’s argument. (E) makes this connection, and therefore casts the most doubt on Rubinstein’s wealth-power hypothesis.

(A) To enter the ruling elite, according to Rubinstein, one needed only two things: a university degree and a father with a middle-class income. (A), therefore, would tend to strengthen, rather than weaken, Rubinstein’s argument.

(B) and (C) present irrelevant comparisons. (B) compares the relative importance of the two factors Rubinstein claims are prerequisites for power; but Rubinstein never compares them with each other, so nothing about this damages his claim. Maybe schooling is more crucial than income, maybe the other way around, who knows? As for (C), the wealth of powerful bishops compared with that of powerful civil servants and company bosses is also irrelevant. These powerful bishops may have had a little more dough than the other members of the elite, but that doesn’t mean they were truly wealthy by societal standards. In other words, the fact that they were a little better off financially than the others doesn’t weaken Rubinstein’s opposition to the claim that power resides in the hands of society’s wealthiest.

(D), if anything, tends to weaken the traditional Marxist claim, not Rubinstein’s argument. The Marxists are the ones who saw the textile and iron barons of the north as the power elite, the ones against which the workers waged their battle.

Hope it helps
_________________
Senior Manager
Status: Studying 4Gmat
Joined: 02 Jan 2016
Posts: 307
Location: India
Concentration: Strategy, Entrepreneurship
GMAT 1: 590 Q37 V33
GPA: 4
WE: Law (Manufacturing)
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

14 Feb 2020, 22:10
17 mins, Got one wrong - question No. 2

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

(B) ambiguous and outdated
(D) revealing but difficult to interpret
(E) widely used by historians but fully understandable only by specialists

I went with "C" - the passage states that "However, such records do not unequivocally make Rubinstein’s case." and "Uncertainties abound about how the probate rules for valuing assets were actually applied."

The tone seems to be of disagreement - will it be stretch to call it controversial ?

And how is "D" right answer ?
Senior Manager
Status: Studying 4Gmat
Joined: 02 Jan 2016
Posts: 307
Location: India
Concentration: Strategy, Entrepreneurship
GMAT 1: 590 Q37 V33
GPA: 4
WE: Law (Manufacturing)
Re: A conventional view of nineteenth-century Britain holds that iron manu  [#permalink]

Show Tags

18 Feb 2020, 22:46
hero_with_1000_faces wrote:
17 mins, Got one wrong - question No. 2

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

(B) ambiguous and outdated
(D) revealing but difficult to interpret
(E) widely used by historians but fully understandable only by specialists

I went with "C" - the passage states that "However, such records do not unequivocally make Rubinstein’s case." and "Uncertainties abound about how the probate rules for valuing assets were actually applied."

The tone seems to be of disagreement - will it be stretch to call it controversial ?

And how is "D" right answer ?

Explanation

2. The author of the passage implies that probate records as a source of information about wealth in nineteenth-century Britain are

Difficulty Level: 700

Explanation

In the first part of the second paragraph, the author notes that probate records provide interesting information about the distribution of wealth in 19th-century Britain. But in the remainder of the para, he or she notes that there are a number of problems concerning the correct interpretation of these records. So choice (D) is the answer—it touches both bases.

(A), (B), (C) Remember, the author thinks that probate records are eye-opening, though hard to interpret. Of (A), (B) and (C), only (B)’s “ambiguous” and (C)’s “controversial” capture a sense of this feeling. But the second parts of these choices don’t fit the bill: “outdated” gets the time frame wrong, and “readily available” is outside the scope of the issue. (A), meanwhile, is way too critical.

(E) Rubinstein, as far as we know, is the only historian to have worked with these records. Moreover, the author never says or implies that only specialists are able to decipher them.

Hope it helps

Justify each word of the correct answer they say. thanks
Re: A conventional view of nineteenth-century Britain holds that iron manu   [#permalink] 18 Feb 2020, 22:46
Display posts from previous: Sort by