Question 1

A family will purchase private education as long as the MPB > MPC.

Accepted Answer

A) True 
 B)False

Question 2

High-income students and their families are more likely to benefit from voucher programs.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is true of the U.S.K-12 education system relative to the K-12 education system of other developed countries?

Accepted Answer

A)  It has lower expenditures per pupil and lower achievement
B)  It has lower expenditures per pupil and higher achievement
C)  It has higher expenditures per pupil and lower achievement
D)  It has higher expenditures per pupil and higher achievement
E)  It has equivalent expenditures per pupil and achievement

Question 4

If there are positive externalities from education,the market will not produce the socially optimal level of education.

Accepted Answer

A) True 
 B)False

Question 5

The United States' K-12 education system has an efficient level of achievement per dollar spent.

Accepted Answer

A) True 
 B)False

Question 6

More education leads to improved decision-making in families.

Accepted Answer

A) True 
 B)False

Question 7

A reduction in class size should be undertaken as long as the marginal benefit of the decrease is

Accepted Answer

A)  Positive
B)  Negative
C)  Greater than the marginal cost
D)  Less than the marginal cost
E)  Increasing

Question 8

According to the Census Bureau,a college education adds how much to earnings over a person's work-life?

Accepted Answer

A)  Nearly $1m
B)  $2.1 m
C)  $2.5m
D)  $4.4 m
E)  Over $5 m

Question 9

New learning technologies will increase the cost of providing K-12 education.

Accepted Answer

A) True 
 B)False

Question 10

The United States is toward the middle of countries in rankings of percent of GDP per capita spent on education.

Accepted Answer

A) True 
 B)False

Question 11

The move from illiteracy to literacy has high marginal benefits.

Accepted Answer

A) True 
 B)False

Question 12

Increased competition in K-12 education can lead to an improved education system.

Accepted Answer

A) True 
 B)False

Question 13

According to the Census Bureau,someone with a professional degree can earn approximately how much during a typical work-life?

Accepted Answer

A)  $1 m
B)  $1.2 m
C)  $2.5 m
D)  $4.4 m
E)  Over $5m

Question 14

The Following Questions Refer to the graph below. 1 years D) E* years E) Between E1 and E* years" class="answers-bank-image d-inline" rel="preload" >
-In the diagram,the equilibrium level of education is

Accepted Answer

A)  0 years
B)  1 year
C)  E1 years
D)  E* years
E)  Between E1 and E* years

Question 15

The supply of private education is represented by

Accepted Answer

A)  The MPB curve
B)  The MPC curve
C)  The MSC curve
D)  The MSB curve
E)  None of the above

Question 16

To be socially optimal,education should be provided to the point where

Accepted Answer

A)  MPB = MPC
B)  MPB = MSC
C)  MSB = MPC
D)  MSB = MSC
E)  MPB = MSB

Question 17

The Following Questions Refer to the graph below. 1 C) E1 D) E2 E) E3" class="answers-bank-image d-inline" rel="preload" >
-The socially optimal level of education is

Accepted Answer

A)  0
B)  Between 0 and E1
C)  E1
D)  E2
E)  E3

Question 18

The Following Questions Refer to the graph below.  MPC C) MSB > MSC D) MSB 
-Which of the following is true for the 16th year of education?

Accepted Answer

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

Question 19

The opportunity cost of becoming a teacher is the salary of similarly trained professionals.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following best describes the U.S.K-12 educational system?

Accepted Answer

A)  It is largely private
B)  It is mainly private with some public education
C)  It is about half public and half private
D)  It is predominantly public
E)  It is exclusively public

Exam 6: The Economics of Education: Crisis and Reform

The move from illiteracy to literacy has high marginal benefits.

Correct AnswerverifiedShow Answer

To be socially optimal,education should be provided to the point where

Correct AnswerverifiedShow Answer

Which of the following best describes the U.S.K-12 educational system?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A family will purchase private education as long as the MPB > MPC.

Correct AnswerverifiedShow Answer

A reduction in class size should be undertaken as long as the marginal benefit of the decrease is

Correct AnswerverifiedShow Answer

The supply of private education is represented by

Correct AnswerverifiedShow Answer

According to the Census Bureau,someone with a professional degree can earn approximately how much during a typical work-life?

Correct AnswerverifiedShow Answer

If there are positive externalities from education,the market will not produce the socially optimal level of education.

Correct AnswerverifiedShow Answer

The United States' K-12 education system has an efficient level of achievement per dollar spent.

Correct AnswerverifiedShow Answer

High-income students and their families are more likely to benefit from voucher programs.

Correct AnswerverifiedShow Answer

The Following Questions Refer to the graph below. -In the diagram,the equilibrium level of education is

Correct AnswerverifiedShow Answer

New learning technologies will increase the cost of providing K-12 education.

Correct AnswerverifiedShow Answer

The United States is toward the middle of countries in rankings of percent of GDP per capita spent on education.

Correct AnswerverifiedShow Answer

According to the Census Bureau,a college education adds how much to earnings over a person's work-life?

Correct AnswerverifiedShow Answer

Increased competition in K-12 education can lead to an improved education system.

Correct AnswerverifiedShow Answer

The Following Questions Refer to the graph below. -Which of the following is true for the 16th year of education?

Correct AnswerverifiedShow Answer

The opportunity cost of becoming a teacher is the salary of similarly trained professionals.

Correct AnswerverifiedShow Answer

More education leads to improved decision-making in families.

Correct AnswerverifiedShow Answer

Which of the following is true of the U.S.K-12 education system relative to the K-12 education system of other developed countries?

Correct AnswerverifiedShow Answer

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