Question

Chapter 1 Test, Form A cont
What is Economics?
DIRECTIONS: Essay Write a short essay for each of the following questions.
21. Look at the figure below.
Education Pays
Unemployment Rate in 2014 (%)
Median Weekly Earnings in 2014 ($)
2.1
1,591
1.9
Doctoral Degree
Professional
Degree
Master's Degree
1,639
2.8
1,326
3.5
Bachelor's Degree
1,101
4.5
792
Associate's Degree
Some College,
no Degree
6.0
741
6.0
668
High School Diploma
Less than a
High School Diploma
9.0
488
All workers: 5%
All workers: $839
Source: Bureau of Labor Statistics, Current Population Survey
e for classroom use
Joe is graduating from high school and trying to decide whether to go to college. His dream
is to become a lawyer, but he isn't sure he can afford to stay in school for that long. He works
part-time at a retail store, and he may be promoted to assistant manager if he stays there.
Using the strategies of economic analysis you read about in Chapter 1, and the information in
the figure, write a short essay helping Joe determine the potential costs and benefits of
pursuing a professional degree or continuing a career in retail.

Answer 1

A degree is can be vital to one's future. The cost-benefit analysis of higher education entails having a total sum up of spending made, time and energy to be used on college, so one has to make sure there are rewards for this investment.

The costs and benefits of pursuing a professional degree?

To work in retail, one  does not really need a college education but for one to have a competitive edge in the job market, it is better to get a degree.

Joe can determine the potential costs and benefits of

pursuing a professional degree by using the four steps below

1. Compare your costs of attendance of schools, lectures etc.

2. One can take a financial aid and student loans into account when making analysis of cost.

3. Have a summary of graduation and retention rates.

4. Research on the different data on job placement, incomes, other outcomes when one have the degree.

It is very essential that one weigh all the costs and economic benefits of getting a college education.

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