According to the Distinction Between Formal and Informal Preparation for Work

question 31

Multiple Choice

According to the distinction between formal and informal preparation for work, which of the following would most likely be considered a FORMAL method of job preparation?

• A) participating in an on-the-job training program
• B) listening to parent's opinions about the kind of work that is most rewarding
• C) learning about the importance of showing up for work by observing one's parents
• D) watching TV shows about doctors and nurses and using the shows to find out what these jobs entail

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Definitions:

Utility Function

Describes how a consumer ranks different baskets of goods based on the level of satisfaction or utility derived from them.

Expected Utility

A concept in economics that represents a consumer's preference for certain outcomes, quantified as the weighted average of utility over all possible outcomes.

Probability

The quantification of how probable it is for an event to take place, indicated by a value ranging from 0 to 1.

Strictly Convex Preferences

Strictly convex preferences indicate a consumer's increasing marginal rate of substitution, reflecting a stronger preference for balanced bundles of goods over extremes.