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Commerce Secretary: Over the past year, our nation’s economy grew at a

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Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post Updated on: 02 Mar 2017, 13:24
13
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A
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C
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Question Stats:

36% (01:39) correct 64% (01:59) wrong based on 383 sessions

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Commerce Secretary: Over the past year, our nation’s economy grew at a record pace, making the year the second in a row with strong growth. Though, admittedly, many needs of our nation’s citizens are currently not being met, with each year of economic growth, citizens of our nation will have access to and be able to afford more products and services. So, as long as we have strong economic growth, the material needs of our nation's citizens will be increasingly met.

Which the following is an assumption upon which the Commerce Secretary’s argument depends?


A. As the nation's economy grows, the citizens who are the least financially secure will be increasingly able to move to high paying jobs.

B. In at least some future years, the nation's rate of economic growth will be comparable to that seen in the past two years.

C. Not all of the nation's economic growth will result from people's selling to each other unneeded products and services.

D. There will not be future years in which the rate of economic growth will be lower than the rate of population growth.

E. Competition from businesses based in other nations will not hamper wage growth and drive down the prices of many products.



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Originally posted by MartyMurray on 28 Feb 2017, 05:17.
Last edited by MartyMurray on 02 Mar 2017, 13:24, edited 6 times in total.
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 28 Feb 2017, 05:34
I would opt for A... the argument concludes that as long as the economic growth is robust the material needs of the citizens will be increasingly met... that would be possible on if the incomes rise as a result of increasing growth

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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 28 Feb 2017, 07:34
2
Question Type: Assumption.

Main Point: Increase in economic growth will result in improved living standards.
Assumption: The benefits of improved economic growth will be transferred to the people.

A. As the nation's economy grows, the citizens who are the least financially secure will be increasingly able to move to high paying jobs. - Incorrect. Targets only a section of people. Out of context.

B. In at least some future years, the nation's rate of economic growth will be comparable to that seen in the past two years. - Incorrect. Irrelevant. Future economic growth vs. past 2 years economic growth is not relevant to the main point.

C. Not all of the nation's economic growth will result from people's selling each other more of things that they don’t need. - Hold.

D. There will not be future years in which the rate of economic growth will be lower than the rate of population growth. - Incorrect. Out of scope. Population growth vs. economic growth is not in scope of the argument.

E. Competition from businesses based in other nations will not hamper wage growth and drive down the prices of many products. - Incorrect. We do not know how the decreased wage growth or decreased prices is going to affect the economic growth.

Option C: Not all of the nation's economic growth will result from people's selling each other more of things that they don’t need. --> This means some of the nation economic growth will result from people's selling each other more of things that they don't need.
Negate C: No economic growth will result from people's selling each other more of things that they don't need. --> This does not destroy the argument as the argument does not specify economic growth is via people's selling each other the things that they don't need.

MartyMurray, can you please help me understand the correct answer choice?
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 28 Feb 2017, 09:21
Vyshak wrote:
Option C: Not all of the nation's economic growth will result from people's selling each other more of things that they don’t need. --> This means some of the nation economic growth will result from people's selling each other more of things that they don't need.
Negate C: No economic growth will result from people's selling each other more of things that they don't need. --> This does not destroy the argument as the argument does not specify economic growth is via people's selling each other the things that they don't need.

MartyMurray, can you please help me understand the correct answer choice?


Hi Vyshak.

Nice job eliminating all of the trap answers.

The negation of "Not all of the nation's economic growth will result from" is not "No economic growth will result from".

It is "All of the nation's economic growth will result from".

So here is the entire answer choice negated.

C Negated: All of the nation's economic growth will result from people's selling to each other THINGS THAT THEY DON'T NEED.

If that were true, the conclusion of the argument would be invalid, because the commerce secretary's argument is that through economic growth people's material NEEDS will be increasingly met.
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 02 Mar 2017, 08:08
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great job from Vyshak in eliminating all of the trap answers. but somehow im stuck between C/E even after attempting 2 times. :(

Both C and E are some sort of twisted negative sort of statements.

I'm not convinced with
Quote:
The negation of "Not all of the nation's economic growth will result from" is not "No economic growth will result from".

It is "All of the nation's economic growth will result from".


I believe the gist of the argument is "strong economic growth will favor the material needs of our nation's citizens being met."
Where the growth results from need not be assumed I guess.
selling sth you dont need cannot hurt your needs. I mean if I sell my IPHONE(luxury not a need) it does not mean that my needs are not met.
Please explain
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Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 02 Mar 2017, 13:17
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Nevernevergiveup wrote:
great job from Vyshak in eliminating all of the trap answers. but somehow im stuck between C/E even after attempting 2 times. :(

Both C and E are some sort of twisted negative sort of statements.

I'm not convinced with
Quote:
The negation of "Not all of the nation's economic growth will result from" is not "No economic growth will result from".

It is "All of the nation's economic growth will result from".


I believe the gist of the argument is "strong economic growth will favor the material needs of our nation's citizens being met."
Where the growth results from need not be assumed I guess.
selling sth you dont need cannot hurt your needs. I mean if I sell my IPHONE(luxury not a need) it does not mean that my needs are not met.
Please explain


Hi. I have edited C to make more clear its point.

The point that what the growth results from does indeed matter, and this is a real world issue actually.

The commerce secretary is arguing that through economic growth people's needs will be increasingly met. The issue is that if the growth comes from people selling to each other unneeded products and services, then no more needs will be filled.

For example, let's say that needs are food, clothing, and shelter. If economic growth were to result from increased production of only televisions and yachts, then even though the economy would be bigger, people's needs for food, clothing, and shelter would still not be met.

In order for people's needs to be met, economic growth must come from people selling to each other things that people need.

So the commerce secretary is assuming that the not all of the economic growth will result from people's selling to each other products and services that nobody needs, and the edited version of C expresses that point more clearly than did the previous version.
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 05 Mar 2017, 10:55
A. As the nation's economy grows, the citizens who are the least financially secure will be increasingly able to move to high paying jobs. access to service could be due to lower prices. OFS

B. In at least some future years, the nation's rate of economic growth will be comparable to that seen in the past two years. argument makes if/then claim and does not assumes this. OFS

C. Not all of the nation's economic growth will result from people's selling to each other unneeded products and services. if growth itself is superficially inflated then argument will fail. thus, it is an assumption

D. There will not be future years in which the rate of economic growth will be lower than the rate of population growth. OFS

E. Competition from businesses based in other nations will not hamper wage growth and drive down the prices of many products. OFS
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 12 Mar 2017, 05:17
Quote:
C. Not all of the nation's economic growth will result from people's selling to each other unneeded products and services.


This means that..if higher class people start selling their possessions ( which can be surplus) to lower class people then the total req of production will come down.So this assumption should be valid for the argument to sustain.
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 24 Sep 2018, 08:56
C. Not all of the nation's economic growth will result from people's selling to each other unneeded products and services.

to indicate that economic growth is REAL
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a  [#permalink]

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New post 27 Sep 2018, 03:15
1
Commerce Secretary: Over the past year, our nation’s economy grew at a record pace, making the year the second in a row with strong growth. Though, admittedly, many needs of our nation’s citizens are currently not being met, with each year of economic growth, citizens of our nation will have access to and be able to afford more products and services. So, as long as we have strong economic growth, the material needs of our nation's citizens will be increasingly met.

Which the following is an assumption upon which the Commerce Secretary’s argument depends?


A. As the nation's economy grows, the citizens who are the least financially secure will be increasingly able to move to high paying jobs.

B. In at least some future years, the nation's rate of economic growth will be comparable to that seen in the past two years.

C. Not all of the nation's economic growth will result from people's selling to each other unneeded products and services.

D. There will not be future years in which the rate of economic growth will be lower than the rate of population growth.

E. Competition from businesses based in other nations will not hamper wage growth and drive down the prices of many products.


negating the main point:
even if strong eco growth, the material needs will not be met.
given that a) past 2 years strong eco growth ,b) current yr, meets not yet met , c) increase in eco growth will increase the access to material needs

pre-think:
1. what if meeting the material needs -> increase in eco
2. what if the increase in eco-> significant increase in price of material
3. what if demand for the material is more than supply of material during eco growth perid

look at the options
A. As the nation's economy grows, the citizens who are the least financially secure will be increasingly able to move to high paying jobs.
even if salary of most financially secured guy increases, this doesnot imply material needs of peole will not be met.
hence irrelevant

B. In at least some future years, the nation's rate of economic growth will be comparable to that seen in the past two years.
even if the eco growth is not comparable to past 2 years it could be either very high eco growth or very low eco growth.
hence no concrete proof. hence not correct

C. Not all of the nation's economic growth will result from people's selling to each other unneeded products and services.
matches the pre-think. material needs generates eco growth. hence correct

D. There will not be future years in which the rate of economic growth will be lower than the rate of population growth.
even if rate of eco is less than rate of pop growth, the absolute number could be far more than absoulte num of pop
hence not concrete proof.

E. Competition from businesses based in other nations will not hamper wage growth and drive down the prices of many products.
if competition will hamper salary growth and drive down the price of product, then it would be still easy to buy. hence
it is opposite. hence incorrect
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Re: Commerce Secretary: Over the past year, our nation’s economy grew at a &nbs [#permalink] 27 Sep 2018, 03:15
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