Eco 405 Quiz Chap 6

Question 1 The current K-12 education system can be described asAnswer PrivateCentralizedDecentralizedState ownedQuestion 2 In 2003, approximately what percent of school aged children attended public schools?Answer 90%75%50%25%10%Question 3 The creation of new learning technologies will cause which of the following to decrease?Answer The demand for educationThe supply of educationThe cost of educationThe equilibrium quantity of educationThe number of children in schoolQuestion 4 An increase in family income willAnswer Increase the demand for educationDecrease the demand for educationIncrease the quantity of education suppliedIncrease the quantity of education demandedDecrease the equilibrium level of tuitionQuestion 5 A purely private K-12 system will lead toAnswer Lower private costsIncreased public costsDecreased racial segregationIncreased inequalityGreater social benefitsQuestion 6 Education is said to be which of the following?Answer Individually consumedIndividually producedA semi-private goodA private goodA public goodQuestion 7 In the existing public K-12 education system, spaces are allocated based onAnswer AbilityEquityIncomeGeographic boundariesQuestion 8 What happens to the marginal benefit of education as a child gets more schooling? It willAnswer IncreaseDecreaseStay the