Annoyed and unsatisfied with the services provided by banks, a consumer single-handedly created a new banking system. The new system gained popularity rapidly, soon controlling a large portion of the market, and consequently leading to the bankruptcy of a few large banks. These cases of bankruptcy resulted in the unemployment of thousands of people. The government intervened, terminating all business related to the new banking system on the basis of the claim that it was the root of the unemployment, and a potential economic crisis. Nevertheless, in the interests of economic health, this forced closure of the new banking system should be revoked since __________.Which of the following most logically completes the argument?a)it was the incompetence and high fees charged by the banks that led to the development of the new system in the first placeb)the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safesc)mass unemployment results in a low purchasing power and, in turn, low income for industries, fueling additional unemploymentd)the methods formerly employed by the banks sapped the economys foundations and left it vulnerable to radical changes in its monetary systeme)developers of new products or services must take into account the social and economic effect of their creations on the greater populationCorrect answer is option 'D'. Can you explain this answer?

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Which of the following most logically completes the argument?

a)
it was the incompetence and high fees charged by the banks that led to the development of the new system in the first place
b)
the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safes
c)
mass unemployment results in a low purchasing power and, in turn, low income for industries, fueling additional unemployment
d)
the methods formerly employed by the banks sapped the economy's foundations and left it vulnerable to radical changes in its monetary system
e)
developers of new products or services must take into account the social and economic effect of their creations on the greater population

Correct answer is option 'D'. Can you explain this answer?

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Annoyed and unsatisfied with the services provided by banks, a consume...

To support the revocation of the forced closure of the new banking system, we need a reason that highlights the shortcomings or negative impact of the traditional banking methods. Option (D) provides the necessary reasoning by stating that the methods previously employed by the banks sapped the economy's foundations and made it susceptible to radical changes in its monetary system. This implies that the existing banking practices were inadequate and failed to provide a strong foundation for the economy, leading to the emergence and popularity of the new banking system. Revoking the closure would allow the new system to continue operating and potentially address the flaws of the old system.

The other answer choices can be evaluated and eliminated as follows:

(A) it was the incompetence and high fees charged by the banks that led to the development of the new system in the first place.

This statement explains the reason behind the development of the new system but does not directly address the revocation of the forced closure. It does not provide a direct link to the argument's main concern.

(B) the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safes.

This answer choice suggests an alternative solution (saving money in safes) but does not address the revocation of the forced closure or the argument's main concern about economic health.

(C) mass unemployment results in low purchasing power and, in turn, low income for industries, fueling additional unemployment.

While this answer choice highlights the negative consequences of mass unemployment, it does not directly support the revocation of the forced closure. It focuses on the impact of unemployment rather than addressing the validity of the government's decision.

(E) developers of new products or services must take into account the social and economic effect of their creations on the greater population.

This answer choice presents a general statement about the responsibility of developers but does not directly contribute to the argument's main concern of revoking the forced closure for economic health reasons.

Therefore, based on the options provided, the most logical completion of the argument is (D).

Answered by Talent Skill Learning · View profile

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Annoyed and unsatisfied with the services provided by banks, a consumer single-handedly created a new banking system. The new system gained popularity rapidly, soon controlling a large portion of the market, and consequently leading to the bankruptcy of a few large banks. These cases of bankruptcy resulted in the unemployment of thousands of people. The government intervened, terminating all business related to the new banking system on the basis of the claim that it was the root of the unemployment, and a potential economic crisis. Nevertheless, in the interests of economic health, this forced closure of the new banking system should be revoked since __________.Which of the following most logically completes the argument?a)it was the incompetence and high fees charged by the banks that led to the development of the new system in the first placeb)the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safesc)mass unemployment results in a low purchasing power and, in turn, low income for industries, fueling additional unemploymentd)the methods formerly employed by the banks sapped the economys foundations and left it vulnerable to radical changes in its monetary systeme)developers of new products or services must take into account the social and economic effect of their creations on the greater populationCorrect answer is option 'D'. Can you explain this answer?

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Annoyed and unsatisfied with the services provided by banks, a consumer single-handedly created a new banking system. The new system gained popularity rapidly, soon controlling a large portion of the market, and consequently leading to the bankruptcy of a few large banks. These cases of bankruptcy resulted in the unemployment of thousands of people. The government intervened, terminating all business related to the new banking system on the basis of the claim that it was the root of the unemployment, and a potential economic crisis. Nevertheless, in the interests of economic health, this forced closure of the new banking system should be revoked since __________.Which of the following most logically completes the argument?a)it was the incompetence and high fees charged by the banks that led to the development of the new system in the first placeb)the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safesc)mass unemployment results in a low purchasing power and, in turn, low income for industries, fueling additional unemploymentd)the methods formerly employed by the banks sapped the economys foundations and left it vulnerable to radical changes in its monetary systeme)developers of new products or services must take into account the social and economic effect of their creations on the greater populationCorrect answer is option 'D'. Can you explain this answer? for GMAT 2024 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about Annoyed and unsatisfied with the services provided by banks, a consumer single-handedly created a new banking system. The new system gained popularity rapidly, soon controlling a large portion of the market, and consequently leading to the bankruptcy of a few large banks. These cases of bankruptcy resulted in the unemployment of thousands of people. The government intervened, terminating all business related to the new banking system on the basis of the claim that it was the root of the unemployment, and a potential economic crisis. Nevertheless, in the interests of economic health, this forced closure of the new banking system should be revoked since __________.Which of the following most logically completes the argument?a)it was the incompetence and high fees charged by the banks that led to the development of the new system in the first placeb)the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safesc)mass unemployment results in a low purchasing power and, in turn, low income for industries, fueling additional unemploymentd)the methods formerly employed by the banks sapped the economys foundations and left it vulnerable to radical changes in its monetary systeme)developers of new products or services must take into account the social and economic effect of their creations on the greater populationCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for GMAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Annoyed and unsatisfied with the services provided by banks, a consumer single-handedly created a new banking system. The new system gained popularity rapidly, soon controlling a large portion of the market, and consequently leading to the bankruptcy of a few large banks. These cases of bankruptcy resulted in the unemployment of thousands of people. The government intervened, terminating all business related to the new banking system on the basis of the claim that it was the root of the unemployment, and a potential economic crisis. Nevertheless, in the interests of economic health, this forced closure of the new banking system should be revoked since __________.Which of the following most logically completes the argument?a)it was the incompetence and high fees charged by the banks that led to the development of the new system in the first placeb)the fact that many banks went bankrupt only shows that people are better off saving their hard-earned money in safesc)mass unemployment results in a low purchasing power and, in turn, low income for industries, fueling additional unemploymentd)the methods formerly employed by the banks sapped the economys foundations and left it vulnerable to radical changes in its monetary systeme)developers of new products or services must take into account the social and economic effect of their creations on the greater populationCorrect answer is option 'D'. Can you explain this answer?.

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