ECO 405 Week 5 Quiz Strayer
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Week 5 Quiz 4 Chapter 6
Chapter 06
The Economics Of Education: Crisis And Reform
Multiple Choice Questions1.According To The Census Bureau, High
School Graduates Can Expect To Earn How Much During Their Working
Years?A.$45,000B.$1.2 MC.$2.1 MD.$2.5 ME.$4.4 M2.According To The
Census Bureau, A College Education Adds How Much To Earnings Over A
Person's Work-Life?A.Nearly $1mB.$2.1 MC.$2.5mD.$4.4 ME.Over $5
M3.According To The Census Bureau, Someone With A Professional
Degree Can Earn Approximately How Much During A Typical
Work-Life?A.$1 MB.$1.2 MC.$2.5 MD.$4.4 ME.Over $5m4.Where Did U.S.
Eighth Grade Students Rank Internationally In Terms Of Average Math
Scores In 2007?A.At The TopB.SecondC.Near The MiddleD.Next To The
BottomE.At The Bottom
5.Where Did U.S. Eighth Grade Students Rank Internationally In
Terms Of Average Science Scores In 2007?A.At The TopB.SecondC.In
The MiddleD.In The Bottom HalfE.At Bottom6.Which Of The Following
Is An Important Difference Between The United States And Other
Countries In Terms Of Their K-12 Education System?A.The United
States Spends Less On Education Per Pupil Than Most Other
CountriesB.The United States Spends A Higher Percentage Of Its Gdp
On Education Than Other CountriesC.The United States Has A Shorter
School Year Than Most Other CountriesD.The United States Has A
Purely Private Market For EducationE.All Of The Above7.About How
Much Does The United States Spend On Education, Per
Pupil?A.$6,000B.$7,000C.$8,000D.$9,000E.$10,0008.Approximately What
Percent Of Its Gdp Does The United States Spend On
Education?A.2.0B.3.0C.3.9D.4.2E.5.39.Which Of The Following Best
Describes The U.S. K-12 Educational System?A.It Is Largely
PrivateB.It Is Mainly Private With Some Public EducationC.It Is
About Half Public And Half PrivateD.It Is Predominantly PublicE.It
Is Exclusively Public
10.Which Of The Following Is Of The U.S. K-12 Education System
Relative To The K-12 Education System Of Other Developed
Countries?A.It Has Lower Expenditures Per Pupil And Lower
AchievementB.It Has Lower Expenditures Per Pupil And Higher
AchievementC.It Has Higher Expenditures Per Pupil And Lower
AchievementD.It Has Higher Expenditures Per Pupil And Higher
AchievementE.It Has Equivalent Expenditures Per Pupil And
Achievement11.In 2003, Approximately What Percent Of School Aged
Children Attended Public Schools?A.90%B.75%C.50%D.25%E.10%Questions
12 - 17 Refer To The Graph Below.12.What Assumption Is Shown By The
Fact That Mpc = Msc On The Graph?A.This Graph Is For Public
EducationB.There Are No Positive Externalities Associated With
EducationC.Education Has Positive Spillover Benefits For
SocietyD.The Market Will Produce The Socially Optimal Quantity Of
EducationE.This Graph Illustrates A Private Market For
Education13.What Is This Family's Willingness To Pay For A First
Year Of Education?A.$0B.$4,000C.$6,000D.$8,000E.$10,00014.What Is
The Equilibrium Level Of Education In This Market?A.0 YearsB.1
YearC.12 YearsD.16 YearsE.Between 12 And 16 Years15.What Tuition
Would Result In The Family Demanding 16 Years Of
Education?A.$0B.Less Than $4,000C.$4,000D.$6,000E.$10,00016.Which
Of The Following Is For The First Years Of Education?A.Mpb <
MpcB.Mpb > MpcC.Msb > MscD.Msb < MscE.Mpb = Msb
17.Which Of The Following Is For The 16th Year Of
Education?A.Mpb < MpcB.Mpb > MpcC.Msb > MscD.Msb <
MscE.Mpb = MsbQuestions 18 - 23 Refer To The Graph Below.18.For
Which Level Of Education Is The Family's Mpb > Mpc?A.1
YearB.Between 0 And E1 YearsC.Between E1 And E* YearsD.Exactly E1
YearsE.Exactly E* Years19.The Negative Slope Of The Demand Curve
Shows ThatA.The Marginal Cost Of Education Increases As More Is
PurchasedB.The Marginal Benefit Of Education Increases As More Is
PurchasedC.The Marginal Benefit Of Each Additional Year Of
Education DecreasesD.There Are Positive Spillover Benefits Of
EducationE.Tuition Can Be Raised Above T1 Dollars
20.The Socially Optimal Level Of EducationA.Is 0 YearsB.Is 1
YearC.Is E1 YearsD.Is E* Years.E.Cannot Be Determined From The
Diagram.21.For Which Year Of Education Is The Family's Mpb <
Mpc?A.0 YearsB.1 YearC.E1 YearsD.E* YearsE.None Of The Above22.The
Slope Of The Supply Curve Indicates That TheA.Marginal Cost Of A
Year Of Education Is ConstantB.Marginal Benefit Of An Additional
Year Of Education IncreasesC.Marginal Benefit Of An Additional Year
Of Education Is ConstantD.Marginal Benefit Of An Additional Year Of
Education IncreasesE.Cost Of Education Is Subsidized By The
Public23.In The Diagram, The Equilibrium Level Of Education IsA.0
YearsB.1 YearC.E1 YearsD.E* YearsE.Between E1 And E* Years24.What
Happens To The Marginal Benefit Of Education As A Child Gets More
Schooling? It WillA.IncreaseB.DecreaseC.Stay The SameD.Become
InfiniteE.Become Negative25.Which Of The Following Is A Benefit Of
Increased Education?A.Improved LiteracyB.Increased
EarningsC.Improved HealthD.Greater SatisfactionE.All Of The
Above26.A Family's Demand For Education For A Child Reflects The
Family'sA.IncomeB.Preferences For EducationC.Mpb Received From The
EducationD.Opportunity Cost Of TuitionE.All Of The Above27.Which Of
The Following Happens As Tuition Increases?A.The Demand For
Education IncreasesB.The Demand For Education DecreasesC.The Supply
Of Education IncreasesD.The Years Of Education Demanded FallE.The
Cost Of Education Increases28.The Supply Of Private Education Is
Represented ByA.The Mpb CurveB.The Mpc CurveC.The Msc CurveD.The
Msb CurveE.None Of The Above29.An Increase In The Demand For
Education WillA.Increase The Supply Of EducationB.Decrease The
Equilibrium TuitionC.Decrease The Equilibrium Quantity Of
EducationD.Increase The Equilibrium Quantity Of EducationE.Shift
The Demand Curve For Education To The Left30.A Decrease In The Cost
Of Education WillA.Increase The Supply Of EducationB.Increase The
Equilibrium TuitionC.Decrease The Equilibrium Quantity Of
EducationD.Increase The Equilibrium Quantity Of EducationE.Shift
The Demand Curve For Education To The Left31.Which Of The Following
Will Decrease The Equilibrium Quantity Of Education In A
Market?A.An Increase In The Demand For EducationB.A Decrease In The
Demand For EducationC.A Decrease In Production CostsD.An Increase
In The Supply Of EducationE.None Of The Above32.An Increase In
Family Income WillA.Increase The Demand For EducationB.Decrease The
Demand For EducationC.Increase The Quantity Of Education
SuppliedD.Increase The Quantity Of Education DemandedE.Decrease The
Equilibrium Level Of Tuition33.An Increase In The Marginal Benefit
Of Education Will Cause Which Of The Following?A.The Demand Curve
For Education Shifts RightB.The Demand Curve For Education Shifts
LeftC.The Supply Curve For Education Shifts RightD.The Supply Curve
For Education Shifts LeftE.The Equilibrium Number Of Years Of
Education Will Decrease34.The Creation Of New Learning Technologies
Will Cause Which Of The Following To Decrease?A.The Demand For
EducationB.The Supply Of EducationC.The Cost Of EducationD.The
Equilibrium Quantity Of EducationE.The Number Of Children In
School
35.If The Earnings Expected From A College Education Increase,
It Will Lead To An Increase InA.The Demand For K-12 EducationB.The
Supply Of K-12 EducationC.The Cost Of EducationD.The Teacher
SalariesE.All Of The Above36.Education Is Said To Be Which Of The
Following?A.Individually ConsumedB.Individually ProducedC.A
Semi-Private GoodD.A Private GoodE.A Public Good37.I Benefit
Because You Become More Educated. This Is An Example Of AA.Negative
Externality In ConsumptionB.Spillover CostC.Positive Externality In
ProductionD.Positive Externality In ConsumptionE.Negative
Externality In Production38.As The Number Of Years Of Education
Increases, The Spillover Benefits WillA.IncreaseB.DecreaseC.Stay
The SameD.Become NegativeE.None Of The Above39.Which Of The
Following Is An Example Of A Possible Spillover Benefit From
Education?A.An Improved Democratic ProcessB.Improved
HealthC.Improved Public SafetyD.More Charitable GivingE.All Of The
Above40.Students Learn About Health And Nutrition In School. This
Provides AA.Positive Externality In ProductionB.Positive
Externality In ConsumptionC.Negative Externality In
ProductionD.Negative Externality In ConsumptionE.Cost To
Society41.Marginal Social Benefits EqualA.Mpb + Spillover
BenefitsB.Mpb - Spillover BenefitsC.MpcsD.Total Benefits + Positive
Externalities In ConsumptionE.None Of The Above42.With Positive
Externalities In Consumption, The Market Equilibrium Quantity Will
BeA.Greater Than Socially OptimalB.Less Than Socially
OptimalC.Equal To The Socially Optimal LevelD.Higher Than
OtherwiseE.None Of The Above43.Educated Citizens Are More Likely To
Be Informed Voters. This Is An Example Of AA.Positive Externality
In ProductionB.Positive Externality In ConsumptionC.Negative
Externality In ProductionD.Negative Externality In
ConsumptionE.Cost To Society.44.To Be Socially Optimal, Education
Should Be Provided To The Point WhereA.Mpb = MpcB.Mpb = MscC.Msb =
MpcD.Msb = MscE.Mpb = Msb
45.The Existence Of Spillover Benefits Results In An Equilibrium
Quantity In The Market That Is Socially Optimal.A.Higher
ThanB.Lower ThanC.Equal ToD.Better ThanE.More Expansive Than46.The
Argument For Government Provision Of Education Hinges On The
Existence OfA.Spillover Costs.B.Spillover Benefits.C.Voucher
Programs.D.Negative Externalities In Production.E.Negative
Externalities In ConsumptionQuestions 47 - 50 Refer To The Graph
Below.47.The Socially Optimal Years Of Education IsA.1B.Between 1
And 11C.11D.12E.1648.What Is The Equilibrium Number Of Years Of
Education The Market Will Provide?A.0B.1C.11D.12E.1649.Which Of The
Following Government Actions Will Move The Market Equilibrium To
The Socially Optimal Number Of Years Of Education?A.A Tax On
Education Equal To $1,000B.A Tax On Education Equal To $3,000C.A
Tuition Subsidy Equal To $1,000D.A Tuition Subsidy Equal To
$3,000E.Government Provision Of All Education50.A Tuition Subsidy
Of $6,000 Would Lead ToA.The Socially Optimal Quantity Of
EducationB.Greater Than The Socially Optimal Quantity Of
EducationC.Less Than The Socially Optimal Quantity Of
EducationD.More Public EducationE.A Budget Surplus
Questions 51 - 54 Refer To The Graph Below.51.The Socially
Optimal Level Of Education IsA.0B.Between 0 And
E1C.E1D.E2E.E352.The Market Equilibrium Level Of Education
IsA.0B.Between 0 And E1C.E1D.E2E.E3
53.A Tuition Subsidy Equal To How Much Will Move The Market To
The Socially Optimal Level Of Education?A.T3 - T2B.T2 - T1C.T3 -
T1D.T1E.T254.A Tuition Subsidy Equal To T3 Would Result In Which Of
The Following?A.The Socially Optimal Quantity Of EducationB.Greater
Than The Socially Optimal Quantity Of EducationC.Less Than The
Socially Optimal Quantity Of EducationD.More Public EducationE.A
Budget Surplus55.Greater Segregation Along Racial Lines Is A Likely
Result OfA.Purely Private K-12 EducationB.No Public K-12
EducationC.Voucher ProgramsD.Tuition SubsidiesE.All Of The
Above56.A Purely Private K-12 System Will Lead ToA.Lower Private
CostsB.Increased Public CostsC.Decreased Racial
SegregationD.Increased InequalityE.Greater Social Benefits57.In A
Purely Private K-12 Education System, Spaces Would Be Allocated
Based OnA.AbilityB.EquityC.IncomeD.Geographic BoundariesE.None Of
The Above
58.In The Existing Public K-12 Education System, Spaces Are
Allocated Based OnA.AbilityB.EquityC.IncomeD.Geographic
BoundariesE.None Of The Above59.A Program To Provide Public Funding
For Students In Poor Performing Public Schools To Attend Other
Schools Is Known AsA.A Voucher ProgramB.A Charter SchoolC.A Tuition
TaxD.A Welfare ProgramE.Privatization60.The Current K-12 Education
System Can Be Described
AsA.PrivateB.CentralizedC.DecentralizedD.State OwnedE.None Of The
Above61.Centralized Planning Leads To Which Of The
Following?A.Limited Consumer ChoiceB.Decreased QualityC.Increased
PricesD.Lack Of ResponsivenessE.All Of The Above
62.Schools In Which Parents Or Other Groups Were Permitted To
Create A New School With State Funding And Were Given Control Over
Operations Are Known AsA.Private SchoolsB.Voucher SchoolsC.Magnet
SchoolsD.Experimental SchoolsE.Charter Schools63.The Empirical
Evidence Of The Effectiveness Of Voucher Programs Is Best Described
AsA.PositiveB.NegativeC.InconsistentD.SubstantialE.Nonexistent64.Which
Of The Following Is An Argument Against Voucher Programs?A.Cream
SkimmingB.Reduced Social SegregationC.Decreased
EfficiencyD.Increased Special EducationE.All Of The Above65.The
Cream Skimming Argument Says That The Students Who Choose A Voucher
Program Will BeA.Higher IncomeB.Lower IncomeC.Higher
AchievingD.Non-MinorityE.None Of The Above66.Poor Students Are Less
Likely To Participate In Voucher Programs Because OfA.Less
InformationB.Higher Transportation CostsC.Fewer Financial
ResourcesD.A Weaker Tradition Of EducationE.All Of The
Above67.Private School Cost Per Pupil Is Lower Because OfA.Fund
RaisingB.Private ContributionsC.Student FeesD.Volunteer LaborE.All
Of The Above68.What Is The Relationship Between School Funding And
Student
Achievement?A.PositiveB.NegativeC.MixedD.UnrelatedE.Inverse69.What
Is The Relationship Between Student Achievement And Teacher
Pay?A.PositiveB.NegativeC.MixedD.UnrelatedE.Inverse70.What Is The
Relationship Between Teacher Pay And A Shortage Of
Teachers?A.PositiveB.NegativeC.MixedD.UnrelatedE.Direct71.Public
Schools Must Pay For Which Of The Following Expenses That Private
Schools Do Not?A.TransportationB.FoodC.Special EducationD.All Of
The AboveE.None Of The Above72.A Reduction In Class Size Should Be
Undertaken As Long As The Marginal Benefit Of The Decrease
IsA.PositiveB.NegativeC.Greater Than The Marginal CostD.Less Than
The Marginal CostE.Increasing73.Decreasing Average Class Size
Without Changing Teacher Pay Leads ToA.Lower Quality TeachersB.A
Surplus Of TeachersC.Lower Costs Per PupilD.Increased
SegregationE.All Of The Above74.Which Of The Following Statements
Does Not Enjoy Widespread Agreement?A.Achievement Per Dollar In
U.S. Education Is Too LowB.Reform Of The U.S. Education System Is
Necessary To Maintain High Level Human CapitalC.Smaller Class Sizes
Can Improve Student PerformanceD.Voucher Programs Are The Most
Effective Way To Improve The U.S. Education SystemE.Increased
Teacher Pay Increases Teacher Quality75.Education Could Be
Considered A Semi-Private Good, SinceA.There Are Spillover Benefits
To Other Members Of Society Resulting From The Education Of A
ChildB.Education Of The Population Improves Everyone's Lives Since
It Results In Greater Productivity And Income For All Members Of
SocietyC.There Are Benefits To Society From Education, Since It
Reduces The Crime RateD.Education Produces Positive Externalities
To SocietyE.All Of The Above
76.If Government Wishes To Increase The Quantity Of Higher
Education Consumed, What Can Be Done To Accomplish This?A.Charge
Tuition That Is Below The Full Costs Of Providing The Educational
ServicesB.Operate Public CollegesC.Provide Reduced Tuition To
StudentsD.Any Of The Above Alternatives Would Increase The
Consumption Of EducationE.The Government Should Not Attempt To
Increase Education, Since It Is A Private Good
77.Studies Of Voucher Programs Indicate That The Effects Of
Vouchers On Student AchievementA.Are Small But Have Negative Impact
On Student PerformanceB.Are Received Primarily By African-American
And Economically Disadvantaged Children C.Have Yet To Be Examined
In Large-Scale ProgramsD.Both B And CE.None Of The Above
78.Research On The Effects Of Charter Schools Show A.There Are
Significantly Positive Impacts On Student PerformanceB.There Are
Significantly Negative Impacts On Student Performance C.There Are
Mixed Results, With Positive Impacts In Some Schools And Negative
In OthersD.Research Has Yet To Be Undertaken On These New Types Of
SchoolsE.None Of The Above
True / False Questions79.A College Education Does Not Improve
Earnings Over A High School Degree. 80.A Master's Degree Increases
Lifetime Earnings Over A Bachelor's Degree By $2.5m Over High
School Graduates. 81.More Education Will Increase The Revenue A
Worker Adds To A Firm. 82.Improved Education Will Lead To Higher
Economic Growth In A Country. 83.American High School Graduates
Outperform All Other Countries On Math And Science Exams. 84.The
Length Of The School Year In The United States Is Longer Than In
Most Other Developed Countries. 85.The United States Spends Over
$8,000 Per Pupil On Secondary Education. 86.The United States Is
Toward The Middle Of Countries In Rankings Of Percent Of Gdp Per
Capita Spent On Education. 87.Ninety Percent Of School-Aged
Children Attend Public Schools In The United States. 88.There Are
Approximately 50 Million School-Aged Children In The United States.
89.The Marginal Benefit Of Education Increases As A Student
Completes More Years Of Education. 90.More Education Leads To
Improved Decision-Making In Families. 91.The Move From Illiteracy
To Literacy Has High Marginal Benefits. 92.A Family's Demand For
Education Comes From Its Marginal Private Benefits.
93.The Demand Curve For Education Has A Positive Slope. 94.Lower
Tuition Rates Lead To Less Education. 95.Without Public Schools,
There Would Be No K-12 Education. 96.Without Market Provision Of
Education, There Is No Mechanism For Quality Control. 97.A Family
Will Purchase Private Education As Long As The Mpb > Mpc.
98.Increased Income Will Increase The Demand For Education. 99.New
Learning Technologies Will Increase The Cost Of Providing K-12
Education. 100.Everyone Agrees That Education Provides Significant
Positive Spillover Benefits. 101.Years Of Education Completed Are
Negatively Related To Criminal Activities. 102.The Greatest
Positive Externalities Accrue In The Early Years Of K-12 Education.
103.Msb Of Education = Mpb + Positive Externalities. 104.If There
Are Positive Externalities From Education, The Market Will Not
Produce The Socially Optimal Level Of Education. 105.The Government
Can Increase The Equilibrium Quantity Of Education In A Market
Through Tuition Subsidies. 106.A Significant Positive Externality
Of Education Would Support The Argument Against Public Education.
107.Public K-12 Education Facilitates Equal Opportunity. 108.A
Purely Private K-12 Education System Would Increase Existing
Segregation. 109.Markets Ration Education Based On A Price/Quality
Trade-Off.
110.Public Schools Ration Education Based On A Price/Quality
Tradeoff.
111.Voucher Programs Fund Students To Attend Poor Performing
Schools. 112.Charter Schools Are Privately Funded And Community
Controlled. 113.High-Income Students And Their Families Are More
Likely To Benefit From Voucher Programs. 114.Voucher Programs Have
Been Accused Of "Cream Skimming." 115.The Costs Of Private Schools
Are Greater Than Their Tuition. 116.Private Schools Must Pay Some
Types Of Costs That Public Schools Do Not. 117.Economists Agree
That Voucher Programs Improve K-12 Education. 118.Smaller Class
Size Increases Student Achievement. 119.Higher Teacher Salaries Do
Not Change Student Achievement. 120.The Achievement Of Low-Income
Students Improves More With Smaller Class Sizes, Relative To Higher
Income Students. 121.Smaller Class Size Is Always Cost-Effective.
122.Increased School Funding Increases Student Achievement.
123.Increasing Teachers' Salaries Does Not Affect Student
Achievement. 124.The Opportunity Cost Of Becoming A Teacher Is The
Salary Of Similarly Trained Professionals. 125.Increased Spending
On K-12 Education Is Certain To Be Cost-Effective. 126.The United
States' K-12 Education System Has An Efficient Level Of Achievement
Per Dollar Spent. 127.Increased Competition In K-12 Education Can
Lead To An Improved Education System. 128.Targeting Increased
Funding To Programs For Disadvantaged Children Is The Most
Cost-Effective.