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 Questions

1. According To The Census Bureau, High School Graduates Can Expect To Earn How Much During Their Working Years?
A. $45,000
B. $1.2 M
C. $2.1 M
D. $2.5 M
E. $4.4 M

2. According To The Census Bureau, A College Education Adds How Much To Earnings Over A Person's Work-Life?
A. Nearly $1m
B. $2.1 M
C. $2.5m
D. $4.4 M
E. Over $5 M

3. According To The Census Bureau, Someone With A Professional Degree Can Earn Approximately How Much During A Typical Work-Life?
A. $1 M
B. $1.2 M
C. $2.5 M
D. $4.4 M
E. Over $5m

4. Where Did U.S. Eighth Grade Students Rank Internationally In Terms Of Average Math Scores In 2007?
A. At The Top
B. Second
C. Near The Middle
D. Next To The Bottom
E. At The Bottom


5. Where Did U.S. Eighth Grade Students Rank Internationally In Terms Of Average Science Scores In 2007?
A. At The Top
B. Second
C. In The Middle
D. In The Bottom Half
E. At Bottom

6. 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 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

7. About How Much Does The United States Spend On Education, Per Pupil?
A. $6,000
B. $7,000
C. $8,000
D. $9,000
E. $10,000

8. Approximately What Percent Of Its Gdp Does The United States Spend On Education?
A. 2.0
B. 3.0
C. 3.9
D. 4.2
E. 5.3

9. Which Of The Following Best Describes The U.S. K-12 Educational System?
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

 
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 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

11. 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 Education
B. There Are No Positive Externalities Associated With Education
C. Education Has Positive Spillover Benefits For Society
D. The Market Will Produce The Socially Optimal Quantity Of Education
E. This Graph Illustrates A Private Market For Education

13. What Is This Family's Willingness To Pay For A First Year Of Education?
A. $0
B. $4,000
C. $6,000
D. $8,000
E. $10,000

14. What Is The Equilibrium Level Of Education In This Market?
A. 0 Years
B. 1 Year
C. 12 Years
D. 16 Years
E. Between 12 And 16 Years

15. What Tuition Would Result In The Family Demanding 16 Years Of Education?
A. $0
B. Less Than $4,000
C. $4,000
D. $6,000
E. $10,000

16. Which Of The Following Is  For The First Years Of Education?
A. Mpb < Mpc
B. Mpb > Mpc
C. Msb > Msc
D. Msb < Msc
E. Mpb = Msb

 
17. Which Of The Following Is  For The 16th Year Of Education?
A. Mpb < Mpc
B. Mpb > Mpc
C. Msb > Msc
D. Msb < Msc
E. Mpb = Msb

 Questions 18 - 23 Refer To The Graph Below.
 

18. For Which Level Of Education Is The Family's Mpb > Mpc?
A. 1 Year
B. Between 0 And E1 Years
C. Between E1 And E* Years
D. Exactly E1 Years
E. Exactly E* Years

19. The Negative Slope Of The Demand Curve Shows That
A. The Marginal Cost Of Education Increases As More Is Purchased
B. The Marginal Benefit Of Education Increases As More Is Purchased
C. The Marginal Benefit Of Each Additional Year Of Education Decreases
D. There Are Positive Spillover Benefits Of Education
E. Tuition Can Be Raised Above T1 Dollars

 
20. The Socially Optimal Level Of Education
A. Is 0 Years
B. Is 1 Year
C. Is E1 Years
D. Is E* Years.
E. Cannot Be Determined From The Diagram.

21. For Which Year Of Education Is The Family's Mpb < Mpc?
A. 0 Years
B. 1 Year
C. E1 Years
D. E* Years
E. None Of The Above

22. The Slope Of The Supply Curve Indicates That The
A. Marginal Cost Of A Year Of Education Is Constant
B. Marginal Benefit Of An Additional Year Of Education Increases
C. Marginal Benefit Of An Additional Year Of Education Is Constant
D. Marginal Benefit Of An Additional Year Of Education Increases
E. Cost Of Education Is Subsidized By The Public

23. In The Diagram, The Equilibrium Level Of Education Is
A. 0 Years
B. 1 Year
C. E1 Years
D. E* Years
E. Between E1 And E* Years

24. What Happens To The Marginal Benefit Of Education As A Child Gets More Schooling? It Will
A. Increase
B. Decrease
C. Stay The Same
D. Become Infinite
E. Become Negative

25. Which Of The Following Is A Benefit Of Increased Education?
A. Improved Literacy
B. Increased Earnings
C. Improved Health
D. Greater Satisfaction
E. All Of The Above

26. A Family's Demand For Education For A Child Reflects The Family's
A. Income
B. Preferences For Education
C. Mpb Received From The Education
D. Opportunity Cost Of Tuition
E. All Of The Above

27. Which Of The Following Happens As Tuition 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

28. The Supply Of Private Education Is Represented By
A. The Mpb Curve
B. The Mpc Curve
C. The Msc Curve
D. The Msb Curve
E. None Of The Above

29. An Increase In The Demand For Education Will
A. Increase The Supply Of Education
B. Decrease The Equilibrium Tuition
C. Decrease The Equilibrium Quantity Of Education
D. Increase The Equilibrium Quantity Of Education
E. Shift The Demand Curve For Education To The Left

30. A Decrease In The Cost Of Education Will
A. Increase The Supply Of Education
B. Increase The Equilibrium Tuition
C. Decrease The Equilibrium Quantity Of Education
D. Increase The Equilibrium Quantity Of Education
E. Shift The Demand Curve For Education To The Left

31. Which Of The Following Will Decrease The Equilibrium Quantity Of Education In A Market?
A. An Increase In The Demand For Education
B. A Decrease In The Demand For Education
C. A Decrease In Production Costs
D. An Increase In The Supply Of Education
E. None Of The Above

32. An Increase In Family Income Will
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

33. An Increase In The Marginal Benefit Of Education Will Cause Which Of The Following?
A. The Demand Curve For Education Shifts Right
B. The Demand Curve For Education Shifts Left
C. The Supply Curve For Education Shifts Right
D. The Supply Curve For Education Shifts Left
E. The Equilibrium Number Of Years Of Education Will Decrease

34. The Creation Of New Learning Technologies Will Cause Which Of The Following To Decrease?
A. The Demand For Education
B. The Supply Of Education
C. The Cost Of Education
D. The Equilibrium Quantity Of Education
E. The Number Of Children In School

 
35. If The Earnings Expected From A College Education Increase, It Will Lead To An Increase In
A. The Demand For K-12 Education
B. The Supply Of K-12 Education
C. The Cost Of Education
D. The Teacher Salaries
E. All Of The Above

36. Education Is Said To Be Which Of The Following?
A. Individually Consumed
B. Individually Produced
C. A Semi-Private Good
D. A Private Good
E. A Public Good

37. I Benefit Because You Become More Educated. This Is An Example Of A
A. Negative Externality In Consumption
B. Spillover Cost
C. Positive Externality In Production
D. Positive Externality In Consumption
E. Negative Externality In Production

38. As The Number Of Years Of Education Increases, The Spillover Benefits Will
A. Increase
B. Decrease
C. Stay The Same
D. Become Negative
E. None Of The Above

39. Which Of The Following Is An Example Of A Possible Spillover Benefit From Education?
A. An Improved Democratic Process
B. Improved Health
C. Improved Public Safety
D. More Charitable Giving
E. All Of The Above

40. Students Learn About Health And Nutrition In School. This Provides A
A. Positive Externality In Production
B. Positive Externality In Consumption
C. Negative Externality In Production
D. Negative Externality In Consumption
E. Cost To Society

41. Marginal Social Benefits Equal
A. Mpb + Spillover Benefits
B. Mpb - Spillover Benefits
C. Mpcs
D. Total Benefits + Positive Externalities In Consumption
E. None Of The Above

42. With Positive Externalities In Consumption, The Market Equilibrium Quantity Will Be
A. Greater Than Socially Optimal
B. Less Than Socially Optimal
C. Equal To The Socially Optimal Level
D. Higher Than Otherwise
E. None Of The Above

43. Educated Citizens Are More Likely To Be Informed Voters. This Is An Example Of A
A. Positive Externality In Production
B. Positive Externality In Consumption
C. Negative Externality In Production
D. Negative Externality In Consumption
E. Cost To Society.

44. To Be Socially Optimal, Education Should Be Provided To The Point Where
A. Mpb = Mpc
B. Mpb = Msc
C. Msb = Mpc
D. Msb = Msc
E. Mpb = Msb

 
45. The Existence Of Spillover Benefits Results In An Equilibrium Quantity In The Market That Is Socially Optimal.
A. Higher Than
B. Lower Than
C. Equal To
D. Better