Question 1

Centralized planning leads to which of the following?

Accepted Answer

A) Limited consumer choice 
B) Decreased quality 
C) Increased prices 
D) Lack of responsiveness 
E) All of the above 
A) Limited consumer choice 
B) Decreased quality 
C) Increased prices 
D) Lack of responsiveness 
E) All of the above

Question 2

The Following Questions Refer to the graph below.  
-What is the equilibrium number of years of education the market will provide?

Accepted Answer

A) 0 
B) 1 
C) 11 
D) 12 
E) 16 
A) 0 
B) 1 
C) 11 
D) 12 
E) 16

Question 3

The Following Questions Refer to the graph below.  
-Which of the following is true for the first years of education?

Accepted Answer

A) MPB MPC C) MSB > MSC D) MSB < MSC E) MPB = MSB A) MPB MPC C) MSB > MSC D) MSB < MSC E) MPB = MSB

Question 4

A family's demand for education comes from its marginal private benefits.
93.The demand curve for education has a positive slopE.

Accepted Answer

A) True 
 B)False

Question 5

The United States spends over $8,000 per pupil on secondary education.

Accepted Answer

A) True 
 B)False

Question 6

In a purely private K-12 education system,spaces would be allocated based on

Accepted Answer

A) Ability 
B) Equity 
C) Income 
D) Geographic boundaries 
E) None of the above 
A) Ability 
B) Equity 
C) Income 
D) Geographic boundaries 
E) None of the above

Question 7

The Following Questions Refer to the graph below.  
-For which year of education is the family's MPB < MPC?

Accepted Answer

A) 0 years 
B) 1 year 
C) E1 years 
D) E* years 
E) None of the above 
A) 0 years 
B) 1 year 
C) E1 years 
D) E* years 
E) None of the above

Question 8

MSB of education = MPB + positive externalities.

Accepted Answer

A) True 
 B)False

Question 9

The Following Questions Refer to the graph below.  
-The socially optimal years of education is

Accepted Answer

A) 1 
B) Between 1 and 11 
C) 11 
D) 12 
E) 16 
A) 1 
B) Between 1 and 11 
C) 11 
D) 12 
E) 16

Question 10

What is the relationship between teacher pay and a shortage of teachers?

Accepted Answer

A) Positive 
B) Negative 
C) Mixed 
D) Unrelated 
E) Direct 
A) Positive 
B) Negative 
C) Mixed 
D) Unrelated 
E) Direct

Question 11

Which of the following is an example of a possible spillover benefit from education?

Accepted Answer

A) An improved democratic process 
B) Improved health 
C) Improved public safety 
D) More charitable giving 
E) All of the above 
A) An improved democratic process 
B) Improved health 
C) Improved public safety 
D) More charitable giving 
E) All of the above

Question 12

Research on the effects of charter schools show

Accepted Answer

A) There are significantly positive impacts on student performance 
B) There are significantly negative impacts on student performance 
C) There are mixed results,with positive impacts in some schools and negative in others 
D) Research has yet to be undertaken on these new types of schools 
E) None of the above 
A) There are significantly positive impacts on student performance 
B) There are significantly negative impacts on student performance 
C) There are mixed results,with positive impacts in some schools and negative in others 
D) Research has yet to be undertaken on these new types of schools 
E) None of the above

Question 13

An increase in family income will

Accepted Answer

A) Increase the demand for education 
B) Decrease the demand for education 
C) Increase the quantity of education supplied 
D) Increase the quantity of education demanded 
E) Decrease the equilibrium level of tuition 
A) Increase the demand for education 
B) Decrease the demand for education 
C) Increase the quantity of education supplied 
D) Increase the quantity of education demanded 
E) Decrease the equilibrium level of tuition

Question 14

Which of the following happens as tuition increases?

Accepted Answer

A) The demand for education increases 
B) The demand for education decreases 
C) The supply of education increases 
D) The years of education demanded fall 
E) The cost of education increases 
A) The demand for education increases 
B) The demand for education decreases 
C) The supply of education increases 
D) The years of education demanded fall 
E) The cost of education increases

Question 15

Which of the following is an important difference between the United States and other countries in terms of their K-12 education system?

Accepted Answer

A) The United States spends less on education per pupil than most other countries 
B) The United States spends a higher percentage of its GDP on education than other countries 
C) The United States has a shorter school year than most other countries 
D) The United States has a purely private market for education 
E) All of the above 
A) The United States spends less on education per pupil than most other countries 
B) The United States spends a higher percentage of its GDP on education than other countries 
C) The United States has a shorter school year than most other countries 
D) The United States has a purely private market for education 
E) All of the above

Question 16

The current K-12 education system can be described as

Accepted Answer

A) Private 
B) Centralized 
C) Decentralized 
D) State owned 
E) None of the above 
A) Private 
B) Centralized 
C) Decentralized 
D) State owned 
E) None of the above

Question 17

I benefit because you become more educateD.This is an example of a

Accepted Answer

A) Negative externality in consumption 
B) Spillover cost 
C) Positive externality in production 
D) Positive externality in consumption 
E) Negative externality in production 
A) Negative externality in consumption 
B) Spillover cost 
C) Positive externality in production 
D) Positive externality in consumption 
E) Negative externality in production

Question 18

In 2003,approximately what percent of school aged children attended public schools?

Accepted Answer

A) 90% 
B) 75% 
C) 50% 
D) 25% 
E) 10% 
A) 90% 
B) 75% 
C) 50% 
D) 25% 
E) 10%

Question 19

Education could be considered a semi-private good,since

Accepted Answer

A) There are spillover benefits to other members of society resulting from the education of a child 
B) Education of the population improves everyone's lives since it results in greater productivity and income for all members of society 
C) There are benefits to society from education,since it reduces the crime rate 
D) Education produces positive externalities to society 
E) All of the above 
A) There are spillover benefits to other members of society resulting from the education of a child 
B) Education of the population improves everyone's lives since it results in greater productivity and income for all members of society 
C) There are benefits to society from education,since it reduces the crime rate 
D) Education produces positive externalities to society 
E) All of the above

Question 20

The costs of private schools are greater than their tuition.

Accepted Answer

A) True 
 B)False

Centralized planning leads to which of the following?

The Following Questions Refer to the graph below. -What is the equilibrium number of years of education the market will provide?

The Following Questions Refer to the graph below. -Which of the following is true for the first years of education?

A family's demand for education comes from its marginal private benefits. 93.The demand curve for education has a positive slopE.

The United States spends over $8,000 per pupil on secondary education.

In a purely private K-12 education system,spaces would be allocated based on

The Following Questions Refer to the graph below. -For which year of education is the family's MPB < MPC?

MSB of education = MPB + positive externalities.

The Following Questions Refer to the graph below. -The socially optimal years of education is

What is the relationship between teacher pay and a shortage of teachers?

Which of the following is an example of a possible spillover benefit from education?

Research on the effects of charter schools show

An increase in family income will

Which of the following happens as tuition increases?

Which of the following is an important difference between the United States and other countries in terms of their K-12 education system?

The current K-12 education system can be described as

I benefit because you become more educateD.This is an example of a

In 2003,approximately what percent of school aged children attended public schools?

Education could be considered a semi-private good,since

The costs of private schools are greater than their tuition.

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Economic Growth: Why Is the Economic Road so Bumpy

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

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Exam 6: The Economics of Education: Crisis and Reform

Centralized planning leads to which of the following?

The Following Questions Refer to the graph below. -What is the equilibrium number of years of education the market will provide?

The Following Questions Refer to the graph below. -Which of the following is true for the first years of education?

A family's demand for education comes from its marginal private benefits. 93.The demand curve for education has a positive slopE.

The United States spends over $8,000 per pupil on secondary education.

In a purely private K-12 education system,spaces would be allocated based on

The Following Questions Refer to the graph below. -For which year of education is the family's MPB < MPC?

MSB of education = MPB + positive externalities.

The Following Questions Refer to the graph below. -The socially optimal years of education is

What is the relationship between teacher pay and a shortage of teachers?

Which of the following is an example of a possible spillover benefit from education?

Research on the effects of charter schools show

An increase in family income will

Which of the following happens as tuition increases?

Which of the following is an important difference between the United States and other countries in terms of their K-12 education system?

The current K-12 education system can be described as

I benefit because you become more educateD.This is an example of a

In 2003,approximately what percent of school aged children attended public schools?

Education could be considered a semi-private good,since

The costs of private schools are greater than their tuition.

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Economic Growth: Why Is the Economic Road so Bumpy

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

Filters