DISCUSSION: To solve this question, you should find the line in the passage that states the answer. If you’re slow at doing this, then practice doing it on review. You can learn to find specific lines very quickly – but it’s a skill you need to train.
___________
- Paragraph two just says that specialization is one way to increase returns to scale. It doesn’t have to be the only way.
- The passage didn’t say whether economics succeeded in being scientific. And the passage implies that most economic models do have mathematical rigor.
- CORRECT. See first three lines of paragraph 4.
- Paragraph 3 actually says that the pin factory tends to produce monopoly.
- The first paragraph shows that Warsh emphasized this contradiction. However, Adam Smith may have been aware of it too. The passage never says whether or not Smith understood the contradiction.
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