It is currently 10 Dec 2018, 14:10
My Tests

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
1 KUDOS received
GMAT Club Legend
GMAT Club Legend
User avatar
Joined: 07 Jun 2014
Posts: 4749
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 93

Kudos [?]: 1652 [1] , given: 396

CAT Tests
QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 29 Jul 2016, 18:15
1
This post received
KUDOS
Expert's post
00:00

Question Stats:

90% (03:31) correct 9% (06:43) wrong based on 11 sessions
PERSONAL INCOME AND PUBLIC EDUCATION REVENUE IN COUNTRY X (in constant 1998 dollars)
Image




24. From 1930 to 1990, approximately what was the average increase per year in per capita income?

A. $150
B. $200
C. $250
D. $300
E. $350

[Reveal] Spoiler: OA
D


25. In 1950 the revenue per student was approximately what percent of the per capita income?

A. 8%
B. 11%
C. 14%
D. 17%
E. 20%

[Reveal] Spoiler: OA
C


26. For how many of the seven years shown was the revenue per student less than \(\frac{1}{5}\) of the per capita income for the year?
A. One
B. Two
C. Three
D. Four
E. Five

[Reveal] Spoiler: OA
E



Practice Questions
Question: 24 - 26
Page: 126 -127


[Reveal] Spoiler: Img
Attachment:
test.jpg
test.jpg [ 78.51 KiB | Viewed 5747 times ]

_________________

Sandy
If you found this post useful, please let me know by pressing the Kudos Button

Try our free Online GRE Test

1 KUDOS received
GMAT Club Legend
GMAT Club Legend
User avatar
Joined: 07 Jun 2014
Posts: 4749
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 93

Kudos [?]: 1652 [1] , given: 396

CAT Tests
Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 29 Jul 2016, 18:22
1
This post received
KUDOS
Expert's post
Explanation

24. For the 60-year period from 1930 to 1990, the per capita income increased by $24,230 – $6,610, or $17,620. The average annual increase is \(\frac{$17620}{60}\) which is approximately \(\frac{$18000}{60}\), or $300. (Since the choices are quite far apart, there is no need for an accurate calculation.) The correct answer is Choice D.

25. The table shows that in 1950 the revenue per student was $1,330. As a percent of the per capita income of $9,540, this is \(\frac{1330}{9540}*100%\), which is approximately 13.9%. Of the given choices, the closest is 14%. The correct answer is Choice C.

26. For most of the years, a rough estimate of \(\frac{1}{5}\) of the per capita income is sufficient for the
comparison to the revenue per student. For the years 1930, 1940, 1950, and 1960, you might estimate of the per capita incomes as $1,300, $1,400, $2,000, and $2,500, respectively, which are clearly greater than the corresponding revenues per student.

For 1980 and 1990, your estimates might be $4,000 and $5,000, which are less than the corresponding revenues per student.

For 1970, you do have to calculate \(\frac{$17,340}{5} = $3468\) which is greater than $3,440.

So the revenue per student was less than of the per capita income for the five years 1930, 1940, 1950, 1960, and 1970. The correct answer is Choice E.
_________________

Sandy
If you found this post useful, please let me know by pressing the Kudos Button

Try our free Online GRE Test

1 KUDOS received
Manager
Manager
Joined: 13 Aug 2016
Posts: 77
GRE 1: Q158 V154
Followers: 0

Kudos [?]: 37 [1] , given: 21

Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 18 Aug 2016, 09:47
1
This post received
KUDOS
Answer & explanation to question 26 (last question) is not clear
Moderator
Moderator
User avatar
Joined: 18 Apr 2015
Posts: 5126
Followers: 76

Kudos [?]: 1028 [0], given: 4631

CAT Tests
Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 24 Aug 2016, 01:55
Expert's post
what is unclear to you ??

How can I help you ??
_________________

Get the 2 FREE GREPrepclub Tests

Manager
Manager
Joined: 13 Aug 2016
Posts: 77
GRE 1: Q158 V154
Followers: 0

Kudos [?]: 37 [0], given: 21

Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 24 Aug 2016, 03:38
Why a rough estimate of 1/5 of the per capita income while per capita income and revenue per student are already given in straight forward way in table?What does it mean in context of given table 'in constant 1998'?
Manager
Manager
Joined: 12 Jan 2016
Posts: 144
Followers: 1

Kudos [?]: 71 [0], given: 17

Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 24 Aug 2016, 23:16
Me too , i am not getting the last question. Why are we doing calculations if it given straight forward... per capita income and revenue per student
Manager
Manager
Joined: 12 Jan 2016
Posts: 144
Followers: 1

Kudos [?]: 71 [0], given: 17

Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 24 Aug 2016, 23:17
please do reply....my gre exam is approaching
Moderator
Moderator
User avatar
Joined: 18 Apr 2015
Posts: 5126
Followers: 76

Kudos [?]: 1028 [0], given: 4631

CAT Tests
Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 25 Aug 2016, 01:51
Expert's post
Because in the stem of the 26th question, it was missed \(\frac{1}{5}\)

Check it out now. I do think sometimes the bbcode drives us nuts

Apologize
_________________

Get the 2 FREE GREPrepclub Tests

1 KUDOS received
Manager
Manager
Joined: 12 Jan 2016
Posts: 144
Followers: 1

Kudos [?]: 71 [1] , given: 17

Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 25 Aug 2016, 06:55
1
This post received
KUDOS
Ok cool no issues:)
1 KUDOS received
Intern
Intern
Joined: 14 Aug 2018
Posts: 1
Followers: 0

Kudos [?]: 1 [1] , given: 1

Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 14 Aug 2018, 04:57
1
This post received
KUDOS
yasir9909 wrote:
Why a rough estimate of 1/5 of the per capita income while per capita income and revenue per student are already given in straight forward way in table?What does it mean in context of given table 'in constant 1998'?


Hi,

May i also ask what does the phrase "in constant 1998" in the header of the table mean?

And why are there no "$" signs in front of the values in the "Per Capita Income" and "Revenue per Student" columns except for Year 1930?

Thanks.
1 KUDOS received
Moderator
Moderator
User avatar
Joined: 18 Apr 2015
Posts: 5126
Followers: 76

Kudos [?]: 1028 [1] , given: 4631

CAT Tests
Re: QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE [#permalink] New post 14 Aug 2018, 08:21
1
This post received
KUDOS
Expert's post
From the Official Guide, the table is correct.

Constant 1998 dollars, I guess the meaning is the dollar per that year in without inflation adjustment.

As for the dollar symbol $, it is only in the first row because is implied for the rest, with no need to repeat it farther..

Regards
_________________

Get the 2 FREE GREPrepclub Tests

Display posts from previous: Sort by

QOTD#6 PERSONAL INCOME AND PUBLIC EDUCATION REVENUE

  Question banks Downloads My Bookmarks Reviews Important topics  


GRE Prep Club Forum Home| About| Terms and Conditions and Privacy Policy| GRE Prep Club Rules| Contact

Powered by phpBB © phpBB Group

Kindly note that the GRE® test is a registered trademark of the Educational Testing Service®, and this site has neither been reviewed nor endorsed by ETS®.