Suppose That the Salary Range for Recent College Graduates with a Bachelor's

question 82

Multiple Choice

Suppose that the salary range for recent college graduates with a bachelor's degree in economics is $30,000 to $50,000, with 25 percent of jobs offering $30,000 per year, 50 percent offering $40,000 per year and 25 percent offering $50,000 per year and that in all other respects, the jobs are equally satisfying. Assume that in this market, a job offer remains open for only a short time so that continuing to search requires an applicant to reject any current job offer. If this scenario describes job searches in general, the segment of the population that is most risk-averse will tend to earn:

• A)average salaries.
• B)below-average salaries.
• C)above-average salaries.
• D)stable salaries.

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Definitions:

Professionalization

The process through which an occupation transforms into a profession, typically involving the establishment of training standards, ethical codes, and accreditation.

Educational System

The organized network of institutions and policies designed to formally educate individuals within a society.

Stratification

The arrangement or classification of something into different layers or categories, often used in reference to social layers based on class, race, or gender.

Educational System

A structured set of educational institutions, policies, procedures, and practices designed to transmit knowledge, skills, and cultural norms to the members of a society.