Upon comparing the costs and benefits, both private and social, of education leads economists to the conclusion that the _____. a. socially optimal strategy would be to focus on primary education b. socially optimal strategy would be to focus on secondary education c. privately optimal strategy would be to focus on secondary education d. privately optimal strategy would be to focus on private education e. None of the above

Upon comparing the costs and benefits, both private and social, of education leads economists to the conclusion that the _____. a. socially optimal strategy would be to focus on primary education b. socially optimal strategy would be to focus on secondary education c. privately optimal strategy would be to focus on secondary education d. privately optimal strategy would be to focus on private education e. None of the above

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 8SCQ: The chapter defines private enterprise as a characteristic of market-oriented economies. What would...

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QUESTION 9 Which of the following can be concluded from the information presented in the graph? PRICE OF EDUCATION Il only only III and II I OI and III Marginal Social Cost 0200 Marginal Social Benefit Marginal Private Benefit 1. Consumption of education has a positive externality. II. Quantity of education consumed in a private market is less than the socially optimal amount. III. Producers of education should be taxed. O I only QUANTITY OF EDUCATION
Wireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?
Which of the following assertions regarding social efficiency and social welfare iscorrect?a. They are the same conceptb. Social welfare includes both economic efficiency and equity whereas socialefficiency does not include equityc. Social efficiency includes both economic efficiency and equity whereas socialwelfare does not include equityd. Social efficiency is a higher standard than social welfare.
When should a private good be produced from an efficiency standpoint? A.When the marginal cost exceeds the sum of all of society’s marginal benefit B.When the marginal cost exceeds the marginal benefit from consumption C.When the sum of all of society’s marginal benefit exceeds the marginal cost D.When the marginal benefit from consumption exceeds the marginal cost
Application Kindly explain. Suppose education has external benefits. Explain the implication of private schools being subsidized by the government. Could a better outcome be achieved if education were provided by the government?
Explain the PRIVATE COST and SOCIAL COST of education by using graph.
In what ways (it) company investments in research and development create positive externalities?
The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be? Hint: It is a characteristic of command economies.
In the tradeoff between economic output and environmental protection, what do the combinations on the protection possibility curve represent?
Is the economic model of decision-making intended as a literal description of how individuals, firms, and the governments actually make decisions?
What are the difference between PRIVATE COST and SOCIAL COST in terms of 'educational institutions' ?
Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?