#26 - Concept Reference, Strengthen

[Administrator]

Complete Question Explanation

The correct answer choice is (D).

Answer choice (A):

Answer choice (B):

Answer choice (C):

Answer choice (D): This is the correct answer choice.

Answer choice (E):


This explanation is still in progress. Please post any questions below!

[biskam]

I really struggled with this passage even after doing a blind review.

I first chose A then C for this question but realized the correct choice was D. I thought both A and C strengthened and I ruled out D because it focused on the industrialists, a group that wasn't the focus Rub's claim.

This is another question, like my main idea question, that makes me feel like I really misunderstood this passage.

Would appreciate any and all help!

[Claire Horan]

Hi Biskam,

I'm going to need a little more information to be helpful. The question asks, "Which one of the following studies would provide support for Rubinstein's claims?" In order to answer this question effectively, you will first need to identify, in your own words, what Rubinstein's claims are. Then you can approach the answer choices with confidences.

Looking forward to hearing back and helping if you I see an error in your understanding of R's claims!

[elite097]

1. Not clear how choice C is weakening R's claim.


2. And also not clear about the portion it is referring to in the pasage -" 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) is the cash and cash asset mentioned in the passage referring to assets of the bank or industrialists or both in general ?
b) what is the implication of that sentence - so what if their value is lower than cash?

[elite097]

1. Not clear how choice C is weakening R's claim.


2. And also not clear about the portion it is referring to in the pasage -" 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) is the cash and cash asset mentioned in the passage referring to assets of the bank or industrialists or both in general ?
b) what is the implication of that sentence - so what if their value is lower than cash?

3. Choice D- R has excluded real property so how do we know what should the case be as per R when real property were included?

[Jeff Wren]

Hi elite097,

This passage contains several viewpoints, and it can be a bit confusing trying to keep track of them.

First, the conventional view is that iron and textile manufacturers (the industrialists) from the north of England were the wealthiest people after 1832.

Rubinstein believes that the wealthiest people at the time were the bankers and merchants of London. This belief comes from his study of probate records.

The author points out some possible problems with using probate records to assess overall wealth. One major problem is that probate records exclude real estate, which would likely be a very significant part of the wealth of the manufacturers (such as their factories, including the land, buildings, and possibly all of the equipment.) Another possible problem is that the goods for sale may have been seriously undervalued (the goods for sale would refer to the industrialists' goods and presumably also the merchants', but not the bankers). A final problem is the lack of valuation of the factory business's goodwill (reputation).

In question 26, we are trying to strengthen Rubinstein's claim that the bankers and merchants were the wealthiest, not the industrialists.

To answer your specific questions:

1. Answer C weakens Rubinstein's claim because it shows that the probate values were underestimating the values of the goods for sale, which suggests that the manufacturer's had more wealth than the probate records indicated.

2. a. The cash and near-cash assets are being compared to the non-cash assets that the industrialists had such as real estate and the inventory of their goods for sale. It's not that the industrialists had no cash, but the bulk of their wealth was likely in the form of their non-cash assets (their factories and their inventory of goods). Meanwhile, the bankers and merchants had more of their wealth in cash and near-cash assets.

2. b. It's not that the actual value of the non-cash assets is lower than cash, instead it is that the probate records may have been underestimating the value of the non-cash assets. If so, the implication is that the probate records may only be telling half the story (and missing a lot of the industrialists' actual wealth), and Rubinstein may be wrong in claiming that the London bankers and merchants were the wealthiest group.

In other words, by not including major sources of the industrialists' wealth (real estate) and possibly underestimating the value of another major source of their wealth (their goods for sale), the probate records may be giving an incomplete and misleading record of the actual wealth distribution.

For example, it would be like asking "How wealthy is Jeff Bezos?" but we aren't going to include the value of his Amazon stock, which presumably represents the bulk of his wealth.

[rachel_fs03]

Hi,

I chose C because I thought that goods for sale referred to merchants' wares rather than manufacturers' products. Where in the passage does it indicate that this refers to the manufacturers rather than the merchants?

Thanks!

[Dana D]

Hey Rachel,

The probate value of goods for sale would mean both the goods merchants and manufacturers are making, it does not matter when determining whether or not this answer choice is correct. I think Jeff's explanation just before your question in the thread did a good job explaining Rubenstein's argument here, but if you have additional questions please let me know!