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Question 2


the answer is E.

This is a question we can solve using the

Precise

approach, because we have information to solve it.
We just need to ask ourselves: what is this text about?
It presents and compares 2 important figures with different approaches to a big problem, but this comparison is not symmetrical: one is described as more influential, and reasons are given for this being the case. In other words, the goal is to E. contrast two different approaches to a historical problem and share the reason for the limited appreciation for one


If we're still not sure, here's a review of why the other answers are wrong. All we have to do is ask ourselves: if this were the topic, what would the passage look like?

A. contrast two solutions to the same issue. this is definitely part of the topic, but there isn't actually that much information about the differences between the solutions themselves - much of the passage is about the reasons one succeeded and the other didn't
B. establish the superiority of one hypothesis over another. no - nowhere are we told which hypothesis is actually better. We are only given reasons why one succeeded and the other didn't
C.prove that one theorist's contribution to a particular field was more notable than another's. it's true that this is stated, but this can't be described as the goal: it's only briefly described, most of the passage is not about this

D. outline different approaches to a historical problem. again, this is definitely part of the goal - but if this were the main goal, we would expect more information about the approaches themselves, which in this case is only a few sentences
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Question 3


The answer is D.

We can solve this question using the

Precise

approach, by looking for the relevant part in the text.
The passage mentions political organisations only once, at the end: we are told that they rejected Hayek's solution, which decreed that they should have a minimal role, because they were eager to prove their worth in solving the problem. In other words, (D) They wanted to prove that they were capable of reinstating the economy’s well-being.
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Question 4



The answer is B.

We can solve this question by using the

Alternative

approach, and reviewing the answers:
A. Hayek’s theory was dominated by Keynes’ because Keynes had a better long-term vision than Hayek did. no - nowhere does the author express his opinion about which theory is better
B. Even though the reaction of the political organization could be anticipated, the underwhelming response received by Hayek in general was not indicative of the potential of his theory.myes - the political response is referred to as "not surprisingly", and the primary reason for the theory's failure is political, not due to its actual potential
C. In addition to being politically viable, Hayek’s ideas were probably ahead of their time. no - this strongly indicates that his ideas are good or correct, or at least advanced and cutting-edge, none of which is stated
D. Had Keynes also argued for limited government intervention, his ideas too would have been vehemently rejected by the political organizations. perhaps - but the word "vehemently" is too strong: nowhere is it sated that even Hayek was opposed this strongly
E. In the light of the real reason that Hayek’s theory did not receive much appreciation, Keynes probably did not contribute as much to economics as he is credited for. no - even if the reasons were political, Keyne's influence is a fact which cannot be denied
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prashant6923
Got 3 right.Could anyone explain why Option B for Q4 and why not D or E?

I answered this in my above post, take a look and tell me if it helps. D is definitely the most confusing, because it actually makes sense that it would be more or less true, but the main clue that it isn't is the use of such strong language (vehemently).
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Quote:
1. According to the passage, which of the following is true?
A. Hayek’s solution to the economic depression was not guided in the right direction.
B. Before Wapshott’s 2012 study, Hayek’s contribution to the field of economics was unknown.
C. Hayek’s contribution to economics began in the 1970s and has continued into the twenty-first century.
D. Macroeconomics was singlehandedly created by Hayek.
E. A specific work gave more importance to Hayek’s work than ever before.

'The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work'
Hence the answer to 1st question is 'E'

Quote:
2. The primary purpose of the passage is to
A. contrast two solutions to the same issue.
B. establish the superiority of one hypothesis over another.
C.prove that one theorist's contribution to a particular field was more notable than another's.
D. outline different approaches to a historical problem.
E. contrast two different approaches to a historical problem and share the reason for the limited appreciation for

Though I found this tad tricky; I came up with the correct one.
A - although we have 2 viewpoints to the same core issue that is not the reason author has come up with this passage. Author wants to rather stress on the limited applicability of 1 of the viewpoints.
B - author is no way trying to establish the superiority of Keyne's viewpoint to Hayek's. Rather author is giving the rationale behind the preference of Keyne's viewpoint.
C - OUT for same reason as B
D - OUT for same reason as A
E - as discussed in A, this is the one we are looking for

Quote:
3. According to the passage, which of the following was true of political parties at the time of the Great Depression?
A. They wanted to speed up the process of reestablishing the economy’s prosperity.
B. They believed it was futile for the government to get involved in market mechanisms.
C. They believed they had a responsibility to intervene in the situation.
D. They wanted to prove that they were capable of reinstating the economy’s well-being.
E. They believed that Hayek's solution would undermine their future in politics.

These are the last 3 lines: this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.

Hence the answer is 'D'

Quote:
4. Which of the following would the author most likely agree with?
A. Hayek’s theory was dominated by Keynes’ because Keynes had a better long-term vision than Hayek did.
B. Even though the reaction of the political organization could be anticipated, the underwhelming response received by Hayek in general was not indicative of the potential of his theory.
C. In addition to being politically viable, Hayek’s ideas were probably ahead of their time.
D. Had Keynes also argued for limited government intervention, his ideas too would have been vehemently rejected by the political organizations.
E. In the light of the real reason that Hayek’s theory did not receive much appreciation, Keynes probably did not contribute as much to economics as he is credited for.

Except B, no other choice can be inferred. Nowhere in the passage is the author critical of Hayek's viewpoint ; author says that the reason there are no buyers for Hayek's theory is that it's not politically viable and not because it is a poor solution.
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Hi,

Could anyone please explain why option D is incorrect for Q4? In the passage, it states that "This position (aka " government involvement would be futile") was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity". According to one, we know that the government wanted to prove its worth when it came to reestablishing the economy and rejected Hayek's position. Based on all of this, can we not conclude that "Had Keynes also argued for limited government intervention, his ideas too would have been vehemently rejected by the political organizations"? Where am I going wrong in my thinking? Could someone please shed some light on this aspect? Would greatly appreciate it!
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csaluja
Hi,

Could anyone please explain why option D is incorrect for Q4? In the passage, it states that "This position (aka " government involvement would be futile") was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity". According to one, we know that the government wanted to prove its worth when it came to reestablishing the economy and rejected Hayek's position. Based on all of this, can we not conclude that "Had Keynes also argued for limited government intervention, his ideas too would have been vehemently rejected by the political organizations"? Where am I going wrong in my thinking? Could someone please shed some light on this aspect? Would greatly appreciate it!


Political organizations opposed Hayek's theory not because he advocated for limited government intervention but because his theory was not politically viable.
Refer this part of the passage:

Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable.Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity..

Hope this helps.
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prashant6923
Got 3 right.Could anyone explain why Option B for Q4 and why not D or E?

I answered this in my above post, take a look and tell me if it helps. D is definitely the most confusing, because it actually makes sense that it would be more or less true, but the main clue that it isn't is the use of such strong language (vehemently).

Hmmm. I could be wrong, but here is my analysis:

I'd disagree with you in that I don't believe the answer makes sense at all. The answer states, "Had Keynes also argued for limited government intervention, his ideas too would have been vehemently rejected by the political organizations." The passage does not state that Hayek argued for limited government intervention, but it states that Hayek's approach was not politically viable and, more importantly, that the market should be left to its own devices. The market being left to its own devices implies that there should be no government intervention at all. In the context provided, the word 'limited' implies that there would be still be some sort of government intervention, automatically eliminating the answer choice.

I'm interested in hearing your thoughts on this because this approach is how I immediately eliminated (D.).
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How is D eliminated in question 4? It's given that both of the political organisations were trying to prove themselves.
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