When the Tulip Bubble Burst Reading Answers

Jan 27, 2023

When the Tulip Bubble Burst Reading Answers contains sample answers about tulip flowers. When the Tulip Bubble Burst Reading Answers comprising 14 different types of questions. IELTS When the Tulip Bubble Burst Reading Answers contains three types of questions, namely- identify the paragraph, true/false/not given and complete the summary. Candidates are required to read the IELTS Reading passage thoroughly and identify the paragraph that contains the given statement. Candidates are required to answer whether the given statement is true, false or not given on the basis of their understanding of the passage. Candidates are supposed to complete the given summary by using no more than two words from the passage for each answer. To gain proficiency, candidates can practise from the IELTS Reading practice papers

Check: Get 10 Free IELTS Sample Papers
Check: Register for IELTS Coaching - Join for Free Trial Class Now

Section 1

Read the Passage to Answer the Following Questions

When the Tulip Bubble Burst Reading Answers

Tulips are spring-blooming perennials that grow from bulbs. Depending on the species, tulip plants can grow as short as 4 inches (10 cm) or as high as 28 inches (71 cm). The tulip’s large flowers usually bloom on scapes or sub-scapose stems that lack bracts. Most tulips produce only one flower per stem, but a few species bear multiple flowers on their scapes (e.g. Tulipa turkestanica). The showy, generally cup or star-shaped tulip flower has three petals and three sepals, which are often termed tepals because they are nearly identical. These six sepals are often marked on the interior surface near the bases with darker colorings. Tulip flowers come in a wide variety of colors, except pure blue (several tulips with “blue” in the name have a faint violet hue)

Long before anyone ever heard of Qualcomm, CMGI, Cisco Systems, or the other high-tech stocks that have soared during the current bull market, there was Semper Augustus. Both more prosaic and more sublime than any stock or bond, it was a tulip of extraordinary beauty, its midnight-blue petals topped by a band of pure white and accented with crimson flares. To denizens of 17th century Holland, little was as desirable.
Around 1624, the Amsterdam man who owned the only dozen specimens was offered 3,000 guilders for one bulb. While there’s no accurate way to render that in today’s greenbacks, the sum was roughly equal to the annual income of a wealthy merchant. (A few years later, Rembrandt received about half that amount for painting The Night Watch.) Yet the bulb’s owner, whose name is now lost to history, nixed the offer.
Who was crazier, the tulip lover who refused to sell for a small fortune or the one who was willing to splurge. That’s a question that springs to mind after reading Tulip mania: The Story of the World’s Most Coveted Flower and the Extraordinary Passions It Aroused by British journalist Mike Dash. In recent years, as investors have intentionally forgotten everything they learned in Investing 101 in order to load up on unproved, unprofitable dot- com issues, tulip mania has been invoked frequently. In this concise, artfully written account, Dash tells the real history behind the buzzword and in doing so, offers a cautionary tale for our times.
The Dutch were not the first to go gaga over the tulip. Long before the first tulip bloomed in Europe-in Bavaria, it turns out, in 1559-the flower had enchanted the Persians and bewitched the rulers of the Ottoman Empire. It was in Holland, however, that the passion for tulips found its most fertile ground, for reasons that had little to do with horticulture.
Holland in the early 17th century was embarking on its Golden Age. Resources that had just a few years earlier gone toward fighting for independence from Spain now flowed into commerce. Amsterdam merchants were at the center of the lucrative East Indies trade, where a single voyage could yield profits of 400%. They displayed their success by erecting grand estates surrounded by flower gardens. The Dutch population seemed to have two contradictory impulses: a horror of living beyond one’s means and the love of a long shot.
Enter the tulip. “It is impossible to comprehend the tulip mania without understanding just how different tulips were from every other flower known to horticulturists in the 17th century,” says Dash. “The colors they exhibited were more intense and more concentrated than those of ordinary plants.” Despite the outlandish prices commanded by rare bulbs, ordinary tulips were sold by the pound. Around 1630, however, a new type of tulip fancier appeared, lured by tales of fat profits. These “florists,” or professional tulip traders, sought out flower lovers and speculators alike. But if the supply of tulip buyers grew quickly, the supply of bulbs did not. The tulip was a conspirator in the supply squeeze: It takes seven years to grow one from seed. And while bulbs can produce two or three clones, or “offsets,” annually, the mother bulb only lasts a few years.
Bulb prices rose steadily throughout the 1630s, as ever more speculators entered the market. Weavers and farmers mortgaged whatever they could to raise cash to begin trading. In 1633, a farmhouse in Hoorn changed hands for three rare bulbs. By 1636 any tulip-even bulbs recently considered garbage-could be sold off, often for hundreds of guilders. A futures market for bulbs existed, and tulip traders could be found conducting their business in hundreds of Dutch taverns. Tulip mania reached its peak during the winter of 1636-37, when some bulbs were changing hands ten times in a day. The zenith came early that winter, at an auction to benefit seven orphans whose only asset was 70 fine tulips left by their father. One, a rare Violetten Admirael van Enkhuizen bulb that was about to split in two, sold for 5,200 guilders, the all-time record. All told, the flowers brought in nearly 53,000 guilders.
Soon after, the tulip market crashed utterly, spectacularly. It began in Haarlem, at a routine bulb auction when, for the first time, the greater fool refused to show up and pay. Within days, the panic had spread across the country. Despite the efforts of traders to prop up demand, the market for tulips evaporated. Flowers that had commanded 5,000 guilders a few weeks before now fetched one-hundredth that amount. Tulip mania is not without flaws. Dash dwells too long on the tulip’s migration from Asia to Holland. But he does a service with this illuminating, accessible account of incredible financial folly.
Tulip mania differed in one crucial aspect from the dot-com craze that grips our attention today: Even at its height, the Amsterdam Stock Exchange, well- established in 1630, wouldn’t touch tulips. “The speculation in tulip bulbs always existed at the margins of Dutch economic life,” Dash writes. After the market crashed, a compromise was brokered that let most traders settle the debts for a fraction of then liability. The overall fallout on the Dutch economy was negligible. Will we say the same when Wall Street’s current obsession finally runs its course?

Section 2

Solution and Explanation

Question 1-5
The reading Passage has seven paragraphs A-I.
Which paragraph contains the following information?
Write the correct letter A-I, in boxes 1-5 on your answer sheet.

Question 1: Difference between bubble burst impacts by tulip and by high-tech shares

Answer: I
Supporting Sentence: After the market crashed, a compromise was brokered that let most traders settle their debts for a fraction of their liability
Keywords: brokered, fraction
Keyword Location: Paragraph I, line 2-3
Explanation: Tulip bulb speculation has always existed on the outside of Dutch economic life, according to Dash, as stated in paragraph I. After the market collapsed, a settlement was made that permitted the majority of dealers to settle their debts for a negligible amount of their obligation. Therefore, the answer is paragraph I.

Question 2: Spread of tulip before 17th century

Answer: D
Supporting Sentence: Long before the first tulip bloomed in Europe – in Bavaria, it turns out, in 1559 – the flower had enchanted the Persians and bewitched the rulers of the Ottoman Empire.
Keywords: Persians, bewitched
Keyword Location: Paragraph D, line 2
Explanation: The flower had captivated the Persians, according to paragraph D. When the first tulip opened its petals in Bavaria, in the land of Europe, in 1959. It had already captured the attention of the Ottoman Empire's rulers. Thus, the answer paragraph D.

Question 3: Indication of money offered for the rare bulb in the 17th century

Answer: B
Supporting Sentence: Around 1624, the Amsterdam man who owned only a dozen specimens was offered 3,000 guilders for one bulb.
Keywords: specimens, dozen
Keyword Location: Paragraph B, line 1
Explanation: As per paragraph B, in the year 1624, the Amsterdam man received 3000 guilders for a single bulb that included a dozen specimens. Hence the answer is paragraph B.

Question 4: Tulip was treated as money in Holland

Answer: G
Supporting Sentence: Tulipmania reached its peak during the winter of 1636-37 when some bulbs were changing hands ten times in a day.
Keyword: Tulipmania, Dutch taverns
Keyword Location: Paragraph G, line 5
Explanation:Tulips were being treated commercially, according to paragraph G. Several different sorts of gold coins were sent. Everything started in the taverns when tulips were exchanged in the years 1636–1637. So, the answer is paragraph B.

Question 5: Comparison made between tulip and other plants

Answer: F
Supporting Sentence: The colors they exhibited were more intense and more concentrated than those of ordinary plants.
Keywords: the exhibited, concentrated
Keyword Location: Paragraph F, line 3
Explanation:As per paragraph F, the colours that they had demonstrated or shown were more potent and concentrated than those of any conventional vegetation. Thus, the answer is paragraph F.

Question 6-10
Do the following statements agree with the information given in the Reading Passage? In boxes 6-7 on your answer sheet, write

TRUE if the statement is true
FALSE if the statement is false
NOT GIVEN if the information is not given in the passage

Question 6: In 1624, all the tulip collection belonged to a man in Amsterdam

Supporting Sentence: Around 1624, the Amsterdam man who owned only a dozen specimens was offered 3,000 guilders for one bulb.
Keywords: Amsterdam, guilders
Keyword Location: Paragraph B, line 1
Explanation: As per paragraph B, in the year 1624, the Amsterdam man was paid 3000 guilders for one bulb with a dozen specimens. Hence, the given statement is true.

Question 7: Tulip was first planted in Holland according to this passage

Answer: False
Supporting Sentence: Long before the first tulip bloomed in Europe – in Bavaria, it turns out, in 1559 – the flower had enchanted the Persians and bewitched the rulers of the Ottoman Empire.
Keywords: Bavaria, Ottoman Empire
Keyword Location: Paragraph D, line 2
Explanation:The flower had delighted the Persians, as paragraph D reveals. Before the first tulip bloomed in Bavaria, it captured the attention of the Ottoman Empire's rulers. Thus, the right answer is false.

Question 8: Popularity of Tulip in Holland was much higher than in any other country in the 17th century

Answer: True
Supporting Sentence: Holland in the early 17th century was embarking on its Golden Age.
Keyword: Golden Age, Spain
Keyword Location: Paragraph E, lines 1-2
Explanation:According to paragraph E, Holland was in its Golden Age at the beginning of the 17th century. As Spain's economy began to grow, its resources became increasingly important. Thus the given statement is true.

Question 9: Holland was the most wealthy country in the world in the 17th century.

Answer: Not Given
Explanation: The relevant information is not given in the passage.

Question 10: From 1630, Amsterdam Stock Exchange started to regulate the Tulips exchange market.

Answer: False
Supporting Sentence: Around 1630, however, a new type of tulip fancier appeared, lured by tales of fat profits.
Keyword: fancier, professional
Keyword Location: Paragraph F, line 5
Explanation: As per paragraph F, in the year 1630, a sophisticated variety of tulip fancier was uncovered and enthralled by the skilled tulip traders. Therefore, the right answer is false.

Question 11-14
Summary
Complete the following summary of the paragraphs of Reading Passage, using no more than two words from the Reading Passage for each answer.
Write your answers in boxes11-14 on your answer sheet.

Question 11: Dutch concentrated on gaining independence by………...

Answer: Fighting
Supporting Sentence: Resources that had just a few years earlier gone toward fighting for independence from Spain now flowed into commerce.
Keyword: Resources, independence
Keyword Location: Paragraph E, line 2
Explanation:The idea in paragraph E is that the Dutch turned more of their attention to war in order to gain independence. It claims that resources used to support the struggle for independence from Spain a few years earlier were now flowing into business.

Question 12: against Spain in the early 17th century; consequently, spare resources entered the area of……...

Answer: Commerce
Supporting Sentence: Spain now flowed into commerce. Amsterdam merchants were at the center of the lucrative East Indies trade, where a single voyage could yield profits of 400%.
Keyword: Indies trade, voyage
Keyword Location: Paragraph E, line 2
Explanation:As per paragraph E, there are currently surplus resources in the commercial markets working against Spain. It claims that Spain has since poured into trade. The lucrative East Indies trade, where a single voyage could generate 400% profits, was centred on Amsterdam merchants.

Question 13: Prosperous traders demonstrated their status by building great …………… and with gardens in their surroundings.

Answer: Estates
Supporting Sentence: They displayed their success by erecting grand estates surrounded by flower gardens.
Keyword: estates, erecting
Keyword Location: Paragraph E, line 4
Explanation: As per paragraph E, the development of impressive estates and gardens nearby demonstrates the grandeur of the traders who prospered. As stated in the article, traders flaunted their success by building opulent mansions encircled by flower gardens.

Question 14: Attracted by the success of profit on tulips, traders kept looking for ………. and speculators for sale.

Answer: Flower lovers
Supporting Sentence: These “florists,” or professional tulip traders, sought out flower lovers and speculators alike.
Keywords: florists, speculators
Keyword Location: Paragraph F, line 6
Explanation: As per paragraph F, traders who were moved by the tulip market's burgeoning profits continued to hunt for tulip enthusiasts and speculators. It says that these "florists," or professional tulip traders, went after both flower enthusiasts and investors.

Check- IELTS Reading Samples