Final answer:
The truth of the statement regarding ECO102 students quitting school for a $150,000 job is uncertain as students weigh various factors beyond immediate income when considering their education and career paths.
Step-by-step explanation:
The statement that ECO102 students would quit school if offered a job paying $150,000 per year is uncertain. The decision to leave school involves many factors beyond just the wage offered. These could include long-term career prospects, the value they place on education, personal satisfaction, and future income potential. The opportunity cost of leaving school early is the forgone income that a college degree might offer over a lifetime, which could exceed the immediate benefit of a high-paying job.
Moreover, according to the National Center for Educational Statistics, a significant portion of college students are already participating in the labor market while pursuing their degrees, indicating a level of commitment to their education despite available work opportunities. Students are also involved in financial markets, often borrowing to finance their education, which demonstrates their investment in the potential long-term benefits of completing their education. This decision-making process can be analyzed using the same tools for understanding demand and supply in labor markets.