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

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

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New post 30 May 2015, 10:19
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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
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Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 09 Jun 2015, 12:21
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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


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

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New post 31 May 2015, 04:26
Can someone please explain why C is the answer?
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 31 May 2015, 04:54
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Conclusion - In today's post-industrial economy, higher education is essential for achieving prosperity
Premises - Higher education leads to ownership of real estate or long term assets
Thus Assumption - Prosperity = ownership of real estate
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 31 May 2015, 08:16
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This argument can be broken up into:

Premise) Without a college degree or higher, citizens do not have access to the highest quartile of salaries
Premise) only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets
Conclusion) higher education is essential for achieving prosperity

On assumption questions, it is typically better to develop a solid understanding of the argument like this and then head to the answer choices without trying to predict the correct answer. Here I could see a pretty glaring error here though in its narrow definition of achieving prosperity even before I moved to the choices.

Answer choice A: This definitely does not have to be true. Maybe college degrees are just a vetting process? Also, the answer choice is very strong ("all jobs" "always covered")

Answer choice B: Definitely don't need to assume this. Maybe some people invested in long term assets but not real estate. Maybe they bought real estate other than their own house.

Answer choice C: This nails it. Negate it and plug it back into the argument, and you can see the argument gets crushed, and therefore this is a necessary assumption. Negated, this assumption would read: Prosperity does NOT have to include ownership of real estate or long term assets. If that is the case, then this argument becomes pretty silly, as the whole logic is based on achieving prosperity through having the ability to own real estate or invest in long term assets.

Answer choice D: Understanding what prosperity is has nothing to do with this argument. Maybe a lot of people who did not go to college and have not achieved it still understand it. This argument could still hold, and therefore this is not a required assumption.

Answer choice E: Irrelevant output question that is focused on the wrong details. We don't have to assume this; what if a bunch of people who did not go to college were given real estate as a gift or something? We already know that people without a college degree or higher cannot afford to buy real estate or long-term assets, so answer choice E is just doing a bad job at trying to confirm a premise that we already know, and is therefore not a required assumption.

I hope this helps!
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 09 Jun 2015, 12:44
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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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New post 20 Jun 2015, 06:32
Premise 1: Without a college degree or higher, citizens do not have access to the highest quartile of salaries

Premise 2: Only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets

Conclusion: Higher education is essential for achieving prosperity

Assumption: Buying real estate and investing long term assets is prosperity


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

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New post 20 Jun 2015, 07:11
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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]

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New post 06 May 2016, 14:01
Clearly the conclusion is " Higher education is essential for achieving prosperity"
If we negate option C the conclusion clearly falls apart
correct answer - C
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 29 Aug 2016, 05:34
was confused between C and E , then saw what was the conclusion asking about. Good one !! :wink:
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 05 Dec 2016, 03:04
[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]

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New post 07 Dec 2016, 00:15
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]

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New post 07 Dec 2016, 02:58
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.


Thanks for your reply :)
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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Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 17 Dec 2016, 05:49
Shiv2016 wrote:

Thanks for your reply :)
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]

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New post 25 Feb 2017, 09:41
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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Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 26 Feb 2017, 03:38
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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New post 06 Jul 2017, 08:19
Merged topics. Please, search before posting questions!
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 11 Jul 2017, 08:27
VeritasPrepBrandon wrote:
This argument can be broken up into:

Premise) Without a college degree or higher, citizens do not have access to the highest quartile of salaries
Premise) only individuals earning salaries in this highest quartile have enough disposable income to buy real estate and invest in long term assets
Conclusion) higher education is essential for achieving prosperity

On assumption questions, it is typically better to develop a solid understanding of the argument like this and then head to the answer choices without trying to predict the correct answer. Here I could see a pretty glaring error here though in its narrow definition of achieving prosperity even before I moved to the choices.

Answer choice A: This definitely does not have to be true. Maybe college degrees are just a vetting process? Also, the answer choice is very strong ("all jobs" "always covered")

Answer choice B: Definitely don't need to assume this. Maybe some people invested in long term assets but not real estate. Maybe they bought real estate other than their own house.

Answer choice C: This nails it. Negate it and plug it back into the argument, and you can see the argument gets crushed, and therefore this is a necessary assumption. Negated, this assumption would read: Prosperity does NOT have to include ownership of real estate or long term assets. If that is the case, then this argument becomes pretty silly, as the whole logic is based on achieving prosperity through having the ability to own real estate or invest in long term assets.

Answer choice D: Understanding what prosperity is has nothing to do with this argument. Maybe a lot of people who did not go to college and have not achieved it still understand it. This argument could still hold, and therefore this is not a required assumption.

Answer choice E: Irrelevant output question that is focused on the wrong details. We don't have to assume this; what if a bunch of people who did not go to college were given real estate as a gift or something? We already know that people without a college degree or higher cannot afford to buy real estate or long-term assets, so answer choice E is just doing a bad job at trying to confirm a premise that we already know, and is therefore not a required assumption.

I hope this helps!


Hi Brandon,

Even I chose option C, but my analysis of E is a bit different -

E states - real estate OR assets, but the argument is saying real estate AND assets.

Could you please confirm if my analysis is correct? Rather am I thinking the right way for this ques?

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

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New post 29 Oct 2017, 19:43
This one seemed tough at first but after devoting a bit more time to understanding the structure of the argument, it became far clearer what I should look for. I wrote it out and, while it is a bit time consuming, efficiency comes with extra practice.

The question asks for the assumptions, which means we should at least have a few premises/propositions and a conclusion and we need to determine the disconnect.

If you map it out like a traditional argument, you'll find:
Premise 1: College degree is necessary for the highest quartile of pay
Premise 2: Only those with the highest quartile of salaries can pay for houses and assets
Conclusion: Higher education is essential for prosperity.

Once you write it out, it's far easier to see. While Premise 1 and 2 may be true, a better conclusion would be that a college degree is essential for real estate and investing in assets. However, the given conclusion is that college education is essential for prosperity. While there are other assumptions that are made, this is a pretty big one, and so we should look for an answer that relates prosperity and real estate and investing in future assets.

The only answer that fits this gap very well is answer C, which says that the given argument assumes that assets and real estate are interchangeable with prosperity.
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Re: Economist: In today's post-industrial economy, higher education is ess  [#permalink]

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New post 25 Jul 2018, 19:25

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] 25 Jul 2018, 19:25

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