In Most Respects Dissatisfaction with Market Processes and their Broad GMAT Reading Comprehension

Reading Passage Question

In most respects dissatisfaction with market processes and their broad impacts on society has developed more sharply in the twentieth than in the nineteenth century. Concentration on the immediate interests of the bargainers, emphasis on interests measurable in money; these features of market processes were not felt as sources of major strain in a relatively simple economy and in a culture which valued the means the market provided for expressing prized initiatives of individual will. It took the rapid growth of closer social interdependence and belated perception of postponed costs of market-borne change after 1900 to generate pronounced worry over products of these aspects of market operations. In contrast, however, substantial controversy marched with the course of affairs from 1790 on regarding market influences on unequal distribution of wealth and income and the political and social alignments, which contributed to and were shaped by inequalities.

Criticism might pursue two counts: first, that the market contributes materially to creating economic inequality; second, that where it does not create inequality it does not provide a reliable means for redressing inequality, but is more likely to entrench it. In fact the record is mixed-mixed enough so that realistic appraisal cannot simply label the market an instrument or a bulwark of oppression.

The Anglo-American tradition has valued the private market and the law's protection of its relative autonomy as contributors to civil liberty. This doctrine has taught that assets acquired in market dealing and livelihood gained from occupations that require no official license to serve private customers arm individuals to play roles in public affairs and if necessary to oppose mistakes or abuse of official power. Healthy dispersion of power in public policy making also derives largely from diverse private associations. The Supreme Court has in effect recognized this civil liberties contribution of the market in the breadth of First Amendment protection it has cast about private political contributions and private lobbying activity.

Aggressive private operators have used market gains to build preeminent practical power for themselves in markets and in public arenas. From such vantage points they have pursued profit according to their own criteria of propriety. In its administrative flexibility and reach, the market has offered great leverage for accumulating and concentrating wealth or control of wealth. Moreover, the focus of the private market is on allocating resources to produce and distribute goods and services for sale, not on determining suitable standards for distributing ultimate life satisfactions. Thus, pursuing its ordinary working goals, insofar as it has not fostered growth of inequality of wealth or incomes, market activity has tended to support enjoyment of superior economic power wherever superior power already existed.

Solutions and Explanation

Which of the following is the main idea of the passage?

The prevention of the abuse of official power.
The opposition to economic oppression.
The impacts of market processes on society.
The judicial protection of civil liberty.
The dispersion of power in public policy making.

Correct Answer: C
Explanation: The passage overall depicts the impacts that the market processes had on society. It clearly states that the influence of the market functions on society has evolved more sharply during the twentieth century than in the nineteenth century. Therefore, option C is the correct answer as it holds the accurate information depicted in the passage.

What aspect of the autonomy of the private market does the Anglo-American tradition value?

Concentration of power
Administrative flexibility and reach
Opposition to mistakes of official power
The practical power it confers upon private operators
Contribution to civil liberty

Correct Answer: E
Explanation: The passage states that the Anglo-American tradition adored the private market. The law's security of its autonomy as supporters of civil liberty. The passage also suggests that this doctrine serves private consumers to participate in public affairs. The Supreme Court also recognizes this civil liberty provided by the market. Therefore, C is the correct answer as it satisfies the content of the passage.

According to the passage, market processes were not a source of worry in:

a simple economy
a complex economy
a culture that devalues individual will
a culture that values collective will.
legal commentary on the private market.

Correct Answer: A
Explanation: The passage clearly mentions that the processes of the market were not regarded as sources of primary stress in a relatively simple economy. The market processes do not appear as stress in the culture which adored the market that offers for saying prized initiatives of particular will. Therefore, A is the correct answer as it supports the argument stated in the passage.

Since 1790, controversy has attended what market influence?

its provision of a means for redressing inequality
its emphasis on interests measurable in money
its concentration on the immediate interests of bargainers
its contributions to inequality
its belated perception of costs of change

Correct Answer: D
Explanation: The passage states that substantial controversy strode with the course of affairs from 1790 concerning market impacts on unequal distribution of wealth. It also marched with the income and social and political alignments that were shaped or contributed to inequalities. Therefore, D is the correct answer as it satisfies the content of the passage.

“In most respects dissatisfaction with market processes and their broad”- is a GMAT reading comprehension passage of the GMAT exam. The candidates must have enough knowledge and skills of the English language to comprehend that English GMAT reading comprehension. The GMAT Reading Comprehension Practice Questions help candidates to improve their reading and analyzing skills.

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In Most Respects Dissatisfaction with Market Processes and their Broad GMAT Reading Comprehension

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