# ECO 405 Week 5 Quiz 4 Chapter 6 – Strayer

ECO 405 Week 5 Quiz – Strayer (All Possible Questions With Answers)

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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.

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.