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# Economist: In today's post-industrial economy, higher education is ess

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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
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Hey Tia

Well the key to solving such questions is to find the link.
In conclusion -- higher education is essential for achieving prosperity.
authors links "prosperity" to "higher education"
and then "higher education" to "salary and thus real estate".

So thats what C states

its like
A-> B and B->C

here option C states ---- A->C

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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
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tia2112 wrote:
Economist: In today's post-industrial economy, higher education is essential for achieving prosperity.

Without a college degree or higher, citizens do not have access to the highest quartile of salaries, and only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets.

Higher education---->Higher salaries(Prosperity)---->Enough disposable income---->Buy real estate and invest in long term assets.

The argument assumes that -

A) all the jobs in the highest quartile of salaries require skills that are always covered as part of a college education

B) everyone in the highest quartile of salaries lives in a house that he or she owns

C) prosperity has to include ownership of real estate or long term assets.

Higher salaries(Prosperity)---->Enough disposable income---->Buy real estate and invest in long term assets.

True the sentence talks only about highgher salary , prosperity and poseesion of Real Estate and Investment in Long term assets , nothing more than that.

D) understanding what prosperity is, from a college-educated perspective, is essential to achieving it - Irrelevant

E) almost no one without a college degree owns either real estate or long-term assets - Over emphasises Properity and Owning Real Estate.

Hence IMHO (C) is the best...
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
[quote="tia2112"]Economist: In today's post-industrial economy, higher education is essential for achieving prosperity. Without a college degree or higher, citizens do not have access to the highest quartile of salaries, and only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets.

The argument assumes that

A) all the jobs in the highest quartile of salaries require skills that are always covered as part of a college education

B) everyone in the highest quartile of salaries lives in a house that he or she owns

C) prosperity has to include ownership of real estate or long term assets.

D) understanding what prosperity is, from a college-educated perspective, is essential to achieving it

E) almost no one without a college degree owns either real estate or long-term assets

It was not very tough eliminate choices A, B, and D. Selecting between Choices C and E were damn confusing.

According to the argument:
Degree...............Salary........Disposable income..........real-estate and assets investment.........Thus prosperity.

Negated C: Prosperity does not have to include ownership of real estate or long-term assets.
Negated E: Some one without a college degree owns either real estate or long term assets.

Is this the correct negation of statement E ?

What is the best thing to consider while left with two similar looking choices?
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
Shiv2016 wrote:
tia2112 wrote:
Economist: In today's post-industrial economy, higher education is essential for achieving prosperity. Without a college degree or higher, citizens do not have access to the highest quartile of salaries, and only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets.

The argument assumes that

A) all the jobs in the highest quartile of salaries require skills that are always covered as part of a college education

B) everyone in the highest quartile of salaries lives in a house that he or she owns

C) prosperity has to include ownership of real estate or long term assets.

D) understanding what prosperity is, from a college-educated perspective, is essential to achieving it

E) almost no one without a college degree owns either real estate or long-term assets

It was not very tough eliminate choices A, B, and D. Selecting between Choices C and E were damn confusing.

According to the argument:
Degree...............Salary........Disposable income..........real-estate and assets investment.........Thus prosperity.

Negated C: Prosperity does not have to include ownership of real estate or long-term assets.
Negated E: Some one without a college degree owns either real estate or long term assets.

Is this the correct negation of statement E ?

What is the best thing to consider while left with two similar looking choices?

Yes the negated statements are correct.

The negated statement in E contains 'some', which includes a range of values from 1% to 99%. If only 1% of people without college degree owned real estate then it would not negate the stated relationship between education and prosperity. Hence E is incorrect.

Negated C: Prosperity does not have to include ownership of real estate or long-term assets. --> Negates the stated relationship between education and prosperity.
According to argument: Education --> money --> assets - This defines prosperity.
When we negate C we get to know that prosperity includes other variables, may be something not related to money, and education may not be helpful to achieve that variable.
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
Vyshak wrote:
Shiv2016 wrote:
tia2112 wrote:
Economist: In today's post-industrial economy, higher education is essential for achieving prosperity. Without a college degree or higher, citizens do not have access to the highest quartile of salaries, and only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets.

The argument assumes that

A) all the jobs in the highest quartile of salaries require skills that are always covered as part of a college education

B) everyone in the highest quartile of salaries lives in a house that he or she owns

C) prosperity has to include ownership of real estate or long term assets.

D) understanding what prosperity is, from a college-educated perspective, is essential to achieving it

E) almost no one without a college degree owns either real estate or long-term assets

It was not very tough eliminate choices A, B, and D. Selecting between Choices C and E were damn confusing.

According to the argument:
Degree...............Salary........Disposable income..........real-estate and assets investment.........Thus prosperity.

Negated C: Prosperity does not have to include ownership of real estate or long-term assets.
Negated E: Some one without a college degree owns either real estate or long term assets.

Is this the correct negation of statement E ?

What is the best thing to consider while left with two similar looking choices?

Yes the negated statements are correct.

The negated statement in E contains 'some', which includes a range of values from 1% to 99%. If only 1% of people without college degree owned real estate then it would not negate the stated relationship between education and prosperity. Hence E is incorrect.

Negated C: Prosperity does not have to include ownership of real estate or long-term assets. --> Negates the stated relationship between education and prosperity.
According to argument: Education --> money --> assets - This defines prosperity.
When we negate C we get to know that prosperity includes other variables, may be something not related to money, and education may not be helpful to achieve that variable.

So the whole thing about choice E is that it does not include 'many' or 'most', then it would have been the right choice because then it would be representing half or more than half of the people without college degrees that own real state......
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
Shiv2016 wrote:

So the whole thing about choice E is that it does not include 'many' or 'most', then it would have been the right choice because then it would be representing half or more than half of the people without college degrees that own real state......

This is an assumption type question. Option E may be an answer to an inference type question, but not an assumption type question - it does not bridge a gap between the premise and the conclusion, but it expresses something that can possibly be inferred from the passage. So even with the modification, option E cannot be the answer.
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
Hello experts,

Option A says All Jobs. Negating All gives Not All, which is 0-99. At 0, conclusion shatters completely, at 99 conclusion doesn't shatter completely.
For the above reason, Option is a weaker contender for Assumption answer.

Reasoning in line?
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
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ravi19012015 wrote:
Hello experts,

Option A says All Jobs. Negating All gives Not All, which is 0-99. At 0, conclusion shatters completely, at 99 conclusion doesn't shatter completely.
For the above reason, Option is a weaker contender for Assumption answer.

Reasoning in line?

First, I would suggest not to use negation test unless you really need to ( e.g., stuck between two options that you cannot eliminate) - two reasons for this suggestion: 1. wastage of time - some answers are very easy to eliminate without negating. 2. An inference may be mistaken for an assumption.

In this case the reason is 1 (wastage of time).

Premise: high education ---> high salary ---> buy asset (---> prosperity)
Conclusion: high education ---> prosperity.

It is evident that the last link highlighted in red (buy asset ---> prosperity) is missing in the argument. Thus A is not relevant, and C can be arrived at in seconds once you structure the argument in this manner.
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
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Official Explanation

For an assumption, we can use the Negation Test. The credited answer is (C). If prosperity and ownership of property & assets are not essentially related, then folks with higher education could have the property & assets but not have prosperity. Negating this statement jeopardizes the argument, so this statement is an assumption of the argument.

Those skills may always be covered in college education, but perhaps folks can also develop those skills on their own, without a college education, and thus be capable of performing well in such a job, earning the high salary, and achieving prosperity --- all without a college education. This allows for an exception, so this is not a valid assumption. Choice (A) is incorrect.

Initially, choice (B) sound reasonably, but it's certainly possible that some rich person owns real estate as investments and, because of lifestyle, rents luxury apartments in two or three cities, rather than living in a house that she owns. This does not necessarily support the argument, so choice (B) is incorrect.

Understanding what prosperity is does not automatically result in achieving it, any more than understanding how digestion works might relieve really feelings of hunger! Choice (D) is incorrect.

Choice (E) is too extreme. The argument is making the case that one needs a college degree to get to the level of full prosperity --- real estate and long term assets. It's possible that someone in a lower paying job is part of the way there --- maybe owns a few stocks, or has no investments but owns a relatively inexpensive house. We can't make a clear yes-vs.-no distinction, total prosperity vs. absolutely no prosperity. That's too extreme. Choice (E) is incorrect.
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
sayantanc2k wrote:
ravi19012015 wrote:
Hello experts,

Option A says All Jobs. Negating All gives Not All, which is 0-99. At 0, conclusion shatters completely, at 99 conclusion doesn't shatter completely.
For the above reason, Option is a weaker contender for Assumption answer.

Reasoning in line?

First, I would suggest not to use negation test unless you really need to ( e.g., stuck between two options that you cannot eliminate) - two reasons for this suggestion: 1. wastage of time - some answers are very easy to eliminate without negating. 2. An inference may be mistaken for an assumption.

In this case the reason is 1 (wastage of time).

Premise: high education ---> high salary ---> buy asset (---> prosperity)

Conclusion: high education ---> prosperity.

It is evident that the last link highlighted in red (buy asset ---> prosperity) is missing in the argument. Thus A is not relevant, and C can be arrived at in seconds once you structure the argument in this manner.

Are these type of questions representative of actual GMAT-Like questions ? I don't seem to remember any official Questions as such . Or is my memory Bad !
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
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hD13 wrote:
sayantanc2k wrote:
ravi19012015 wrote:
Hello experts,

Option A says All Jobs. Negating All gives Not All, which is 0-99. At 0, conclusion shatters completely, at 99 conclusion doesn't shatter completely.
For the above reason, Option is a weaker contender for Assumption answer.

Reasoning in line?

First, I would suggest not to use negation test unless you really need to ( e.g., stuck between two options that you cannot eliminate) - two reasons for this suggestion: 1. wastage of time - some answers are very easy to eliminate without negating. 2. An inference may be mistaken for an assumption.

In this case the reason is 1 (wastage of time).

Premise: high education ---> high salary ---> buy asset (---> prosperity)

Conclusion: high education ---> prosperity.

It is evident that the last link highlighted in red (buy asset ---> prosperity) is missing in the argument. Thus A is not relevant, and C can be arrived at in seconds once you structure the argument in this manner.

Are these type of questions representative of actual GMAT-Like questions ? I don't seem to remember any official Questions as such . Or is my memory Bad !

The OG/Verbal Review/Official Prep Test give you questions that give you a sense of what GMAT is about, the kind of questions you actually get and that is the only role they need to play.

A test prep institute has a much wider role to play. It needs to teach you fundamentals necessary for tackling actual GMAT questions. So, many questions would be written as intermediaries - they will help you practice a basic skill or they will help you develop analytical thinking or make you debate the validity of common assumptions you make etc.
This question tests you on your understanding of necessary/sufficient conditions. That skill is extremely important for GMAT, even if it is tested in a more subtle manner (perhaps there will be one statement with a necessary condition which will be crucial but there will be other important aspects too.)
In any case, this question is certainly GMAT relevant, even if something like this is unlikely to appear in the test.
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
[quote="KarishmaB"]

Is it wrong to think that the statement says Higher education is necessary for a high salary. Thus, the argument is assuming that someone who doesn't have a higher degree cannot have high salary/money to buy real estate, etc?
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Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
aragonn wrote:

Official Explanation

For an assumption, we can use the Negation Test. The credited answer is (C). If prosperity and ownership of property & assets are not essentially related, then folks with higher education could have the property & assets but not have prosperity. Negating this statement jeopardizes the argument, so this statement is an assumption of the argument.

Those skills may always be covered in college education, but perhaps folks can also develop those skills on their own, without a college education, and thus be capable of performing well in such a job, earning the high salary, and achieving prosperity --- all without a college education. This allows for an exception, so this is not a valid assumption. Choice (A) is incorrect.

Initially, choice (B) sound reasonably, but it's certainly possible that some rich person owns real estate as investments and, because of lifestyle, rents luxury apartments in two or three cities, rather than living in a house that she owns. This does not necessarily support the argument, so choice (B) is incorrect.

Understanding what prosperity is does not automatically result in achieving it, any more than understanding how digestion works might relieve really feelings of hunger! Choice (D) is incorrect.

Choice (E) is too extreme. The argument is making the case that one needs a college degree to get to the level of full prosperity --- real estate and long term assets. It's possible that someone in a lower paying job is part of the way there --- maybe owns a few stocks, or has no investments but owns a relatively inexpensive house. We can't make a clear yes-vs.-no distinction, total prosperity vs. absolutely no prosperity. That's too extreme. Choice (E) is incorrect.

­It seems the only reluctant way to accept E not the only is that it is "extreme", although it is true that C brings the bridge and is the best answer. Since it says higher education is "essential" for prosperity, it is assuming almost no one without higher education can get prosperity, which is E.
Re: Economist: In today's post-industrial economy, higher education is ess [#permalink]
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