Question 1

SAT scores are ________ than they were in the 1960's ___________ they were in 1980.

Accepted Answer

A) higher; and much higher than 
B) lower; and much lower than 
C) lower; but higher than 
D) lower; but about the same as 
A) higher; and much higher than 
B) lower; and much lower than 
C) lower; but higher than 
D) lower; but about the same as

Question 2

Quick conclusions about real per student spending should be made with care because

Accepted Answer

A) more money is spent on special education, and less is spent on everything else. 
B) more money is spent on non-instructional spending, and less is spent on instructional spending. 
C) less money is spent on special education, and less is also spent on everything else. 
D) more money is devoted education generally, but an increasing share is spent on special education. 
A) more money is spent on special education, and less is spent on everything else. 
B) more money is spent on non-instructional spending, and less is spent on instructional spending. 
C) less money is spent on special education, and less is also spent on everything else. 
D) more money is devoted education generally, but an increasing share is spent on special education.

Question 3

As real interest rates increase, other things equal, the net present value of education is likely to

Accepted Answer

A) increase. 
B) remain unchanged. 
C) decrease, possibly becoming negative. 
D) decrease, but necessarily remain positive, since more knowledge is always a good thing. 
A) increase. 
B) remain unchanged. 
C) decrease, possibly becoming negative. 
D) decrease, but necessarily remain positive, since more knowledge is always a good thing.

Question 4

Research by Eric Hanushek and others suggests that increasing the number or quality of teachers will

Accepted Answer

A) reduce student test scores. 
B) increase student test scores by ever-increasing amounts. 
C) increase student test scores by ever-decreasing amounts. 
D) foment unrest among unionized teachers and school administrators. 
A) reduce student test scores. 
B) increase student test scores by ever-increasing amounts. 
C) increase student test scores by ever-decreasing amounts. 
D) foment unrest among unionized teachers and school administrators.

Question 5

Tenure for a public school teacher means that

Accepted Answer

A) they have taught at least ten years. 
B) they have received a teaching award. 
C) they cannot be fired unless they commit a particularly onerous violation of the rules. 
D) they are a member of the union. 
A) they have taught at least ten years. 
B) they have received a teaching award. 
C) they cannot be fired unless they commit a particularly onerous violation of the rules. 
D) they are a member of the union.

Question 6

In 2011, Wisconsin and Indiana state legislatures were focused on which of the following costs of public education?

Accepted Answer

A) Material costs 
B) Teacher salaries 
C) Defined benefit pensions 
D) Defined contribution pensions 
A) Material costs 
B) Teacher salaries 
C) Defined benefit pensions 
D) Defined contribution pensions

Question 7

The form of capital through which education increases productivity is

Accepted Answer

A) physical capital. 
B) human capital. 
C) human principal. 
D) brain capital. 
A) physical capital. 
B) human capital. 
C) human principal. 
D) brain capital.

Question 8

Figure 36.1
-Examine Figure 36.1, which shows the market for K-12 education in an economy. Suppose the K-12 education market is subsidized. The tax payers pay _____ per student.

Accepted Answer

A) $4,000 
B) $6,000 
C) $8,000 
D) $12,000 
A) $4,000 
B) $6,000 
C) $8,000 
D) $12,000

Question 9

In determining whether a further investment in education for a individual is worth the costs, an economist would look at whether the sum of the

Accepted Answer

A) annual education costs is exceeded by the sum of annual income to the person. 
B) annual education costs is exceeded by the sum of the increases in income that are attributable to the increased education. 
C) present value of the annual education costs is exceeded by the sum of the present value of the annual income to the person. 
D) present value of the annual education costs is exceeded by the sum of the present value of the increases in income that are attributable to the increased education. 
A) annual education costs is exceeded by the sum of annual income to the person. 
B) annual education costs is exceeded by the sum of the increases in income that are attributable to the increased education. 
C) present value of the annual education costs is exceeded by the sum of the present value of the annual income to the person. 
D) present value of the annual education costs is exceeded by the sum of the present value of the increases in income that are attributable to the increased education.

Question 10

Though there is no tuition to public elementary and secondary schools, economists do not say that it is free because

Accepted Answer

A) parents have to buy pencils and paper. 
B) taxpayers pick up the tab for considerable costs of education. 
C) parents have to help their kids learn. 
D) teachers do not love to teach bad students. 
A) parents have to buy pencils and paper. 
B) taxpayers pick up the tab for considerable costs of education. 
C) parents have to help their kids learn. 
D) teachers do not love to teach bad students.

Question 11

The academic ability of women studying to be teachers has declined in recent years because

Accepted Answer

A) bright women have other, more economically lucrative opportunities. 
B) the rate of pay for female teachers is much less than for equally qualified male teachers. 
C) the nominal rate of pay for all teachers has decreased. 
D) of the increased outsourcing of teaching jobs. 
A) bright women have other, more economically lucrative opportunities. 
B) the rate of pay for female teachers is much less than for equally qualified male teachers. 
C) the nominal rate of pay for all teachers has decreased. 
D) of the increased outsourcing of teaching jobs.

Question 12

If a child is more apt to grow up to become a successful contributing member of society because of an education, this benefit to society is called a

Accepted Answer

A) negative externality. 
B) positive marginal private benefit. 
C) positive externality. 
D) positive marginal private cost. 
A) negative externality. 
B) positive marginal private benefit. 
C) positive externality. 
D) positive marginal private cost.

Question 13

Since 1960, high school graduation rates have

Accepted Answer

A) increased for whites but not for Hispanics and African Americans. 
B) increased for African Americans and Hispanics but not for whites. 
C) decreased across the board. 
D) increased across the board, but proportionally more for African Americans. 
A) increased for whites but not for Hispanics and African Americans. 
B) increased for African Americans and Hispanics but not for whites. 
C) decreased across the board. 
D) increased across the board, but proportionally more for African Americans.

Question 14

The economic argument that it is in society's best economic interest to pay for the education of "someone else's child" is the

Accepted Answer

A) positive marginal benefit argument. 
B) positive externalities argument. 
C) positive marginal cost argument. 
D) moral obligation argument. 
A) positive marginal benefit argument. 
B) positive externalities argument. 
C) positive marginal cost argument. 
D) moral obligation argument.

Question 15

The empirical finding that increased spending has no significant impact on educational outcomes.

Accepted Answer

A) is absolutely inconsistent with the idea of an educational production function. 
B) is consistent with the "steep part of the curve" on the educational production function. 
C) is consistent with the "flat part of the curve" on the educational production function. 
D) has been shown to be a lie propagated by the anti-public education movement. 
A) is absolutely inconsistent with the idea of an educational production function. 
B) is consistent with the "steep part of the curve" on the educational production function. 
C) is consistent with the "flat part of the curve" on the educational production function. 
D) has been shown to be a lie propagated by the anti-public education movement.

Exam 36: Economics of K-12 Education

SAT scores are ________ than they were in the 1960's ___________ they were in 1980.

Quick conclusions about real per student spending should be made with care because

As real interest rates increase, other things equal, the net present value of education is likely to

Research by Eric Hanushek and others suggests that increasing the number or quality of teachers will

Tenure for a public school teacher means that

In 2011, Wisconsin and Indiana state legislatures were focused on which of the following costs of public education?

The form of capital through which education increases productivity is

Figure 36.1 -Examine Figure 36.1, which shows the market for K-12 education in an economy. Suppose the K-12 education market is subsidized. The tax payers pay _____ per student.

In determining whether a further investment in education for a individual is worth the costs, an economist would look at whether the sum of the

Though there is no tuition to public elementary and secondary schools, economists do not say that it is free because

The academic ability of women studying to be teachers has declined in recent years because

If a child is more apt to grow up to become a successful contributing member of society because of an education, this benefit to society is called a

Since 1960, high school graduation rates have

The economic argument that it is in society's best economic interest to pay for the education of "someone else's child" is the

The empirical finding that increased spending has no significant impact on educational outcomes.

Economics: the Study of Opportunity Cost

Supply and Demand

The Concept of Elasticity and Consumer and Producer Surplus

Firm Production, Cost, and Revenue

Perfect Competition, Monopoly, and Economic Versus Normal Profit

Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, Depression

Interest Rates and Present Value

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Policy

Federal Spending

Federal Deficits, Surpluses, and the National Debt

The Housing Bubble

The Recession of 2007-2009: Causes and Policy Responses

Is Economic Stagnation the New Normal

Is the Fiscalsky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension Liabilities

International Trade: Does It Jeopardize American Jobs

International Finance and Exchange Rates

The European Debt Crisis

Economic Growth and Development

Nafta, Gatt, Wto: Are Trade Agreements Good for Us

The Line Between Legal and Illegal Goods

Natural Resources, the Environment, and Climate Change

Health Care

Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program

The Economics of Prescription Drugs

So You Want to Be a Lawyer: Economics and the Law

The Economics of Crime

Antitrust

The Economics of Race and Discrimination

Income and Wealth Inequality

Farm Policy

Minimum Wage

Ticket Brokers and Ticket Scalping

Rent Control

Economics of College and University Education

Poverty and Welfare

Head Start

Social Security

Personal Income Taxes

Energy Prices

If We Build It, Will They Come and Other Sports Questions

The Stock Market Crashes

Unions

Walmart: Always Low Prices and Low Wages- Always

The Economic Impact of Casino Gambling

The Economics of Terrorism

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SAT scores are than they were in the 1960's ___ they were in 1980.