Give a brief overview of how education attainment and elementary and secondary education spending has changed in the United States since 1940 . What will be an ideal response? ANSWER The percentage of U.S. adults with a high school diploma has changed dramatically since 1940 . In 1940, 24.1 percent of adults had a […]
Date: September 9th, 2020
Rawls argued that agreement on certain rules from behind a “veil of ignorance” would make those rules optimal. a. True b. False ANSWER a
Date: September 9th, 2020
Actions based on the more general Pareto criteria are preferable to actions based on application of interpersonal utility calculations. a. True b. False ANSWER a
Date: September 9th, 2020
For private consumption goods, the optimal number of users is determined by the unanimity rule. a. True b. False ANSWER b
Date: September 9th, 2020
Suppose the market for a good is expressed as follows: Inverse demand: P = 200 – 2Q Inverse supply: P = 2Q What is the equilibrium if the government imposes a supply quota of 75 units? What is the equilibrium if the government imposes a supply quota of 25 units? ANSWER The market equilibrium […]
Date: September 9th, 2020
Provide four reasons for the changes observed in per-pupil spending during the latter half of the twentieth century. What will be an ideal response? ANSWER The first reason for the changes observed in per-pupil spending over that time period is that schools are using more resources than they were using in 1940 . For […]
Date: September 9th, 2020
As is shown by the example of college dropout Bill Gates, more education does generally not pay off. a. True b. False ANSWER b
Date: September 9th, 2020
If the “Marginal Congestion Cost” for a public good is constant then the optimal number of users is infinite a. True b. False ANSWER b
Date: September 9th, 2020
A tax of $5 per airplane ticket is _____. a. a unit tax b. an ad valorem tax c. an income tax d. a value-added tax ANSWER a
Date: September 9th, 2020
If a college graduate makes $10,000 more than a high school graduate, we can safely say that the education imparted in college adds $10,000 to an individual’s income. a. True b. False ANSWER b
Date: September 9th, 2020
