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The highest levels of education among the adult (age 25 and over) population in the...

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Accounting

The highest levels of education among the adult (age 25 and over) population in the United States in 2010 were no schooling, 0.4%; partial primary, 0.8%; complete primary, 1.9%; incomplete secondary, 6.7%; complete secondary, 36.2%; incomplete higher, 22.4%; and complete higher, 31.6%.

Draw a graph to depict this data and fill in the table below. Then, calculate the fraction of wages that represented return to human capital.

Suppose that the capital share of national income is one-third and the labor share is the remainder. What is the human capital share of national income?

Years of Schooling*

Wage Relative to No Schooling

Percentage of People in the Pop.

Relative Wage Paid to Human Capital

Total Relative Wage

No Schooling

0

1

0.4%

0

0.004

Partial Primary

4

1.65

0.8%

0.0052

?

Complete Primary

8

2.43

1.9%

?

?

Incomplete Secondary

10

2.77

6.7%

?

?

Complete Secondary

12

3.16

36.2%

?

?

Incomplete Higher

14

3.61

22.4%

?

?

Complete Higher

16

4.11

31.6%

?

?

Sum

? ?

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