PTE Academic Diagnostic
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Question 1
"The history of the modern credit card began in 1950 when Ralph Schneider and Frank McNamara founded Diners Club. Unlike previous store-specific charge cards, the Diners Club card was designed to be universally accepted at various establishments, primarily restaurants. This consolidated multiple bills into a single monthly statement, revolutionizing consumer credit by shifting the focus from merchant-specific loyalty to general-purpose convenience."
Read the text and answer the multiple-choice question by selecting the correct response. According to the passage, what was the primary innovation of the Diners Club card?
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Question 2
"While classical economics assumes that consumers always make rational choices to maximize their utility, behavioral economics incorporates psychological insights into economic models. It recognizes that human decisions are often subject to cognitive biases, emotions, and social influences. For instance, the 'endowment effect' demonstrates that people often value an object more highly simply because they own it, contradicting purely rational economic theory."
Read the text and answer the multiple-choice question by selecting the correct response. Why does the author mention the "endowment effect"?
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PTE Expert Tip: Time Management
Unlike other tests, the PTE Academic Reading section is timed as a single block (29-30 minutes). You are not timed per question. It is highly recommended to spend no more than 1.5 to 2 minutes on "Multiple Choice, Choose Single Answer" questions so you don't run out of time for the heavily weighted "Fill in the Blanks" sections later.