EC238 Chapter Notes - Chapter 4: Market Failure, Marginal Cost, Demand Curve
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Question 21
Reducing class size will
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improve student test scores. |
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decrease student test scores. |
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have no impact on student test scores. |
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have an undetermined impact on test scores. |
5 points
Question 22
Charter schools
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are public schools. |
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operate under special state government charters. |
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have some independence in making spending and hiring decisions. |
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all of the above. |
5 points
Question 23
Under school voucher systems, financial support goes to
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to the family. |
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to the school. |
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to the state. |
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to the city. |
5 points
Question 24
Standardized tests are used in efforts to
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save on paper waste. |
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make schools more accountable. |
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give teachers more time off. |
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shorten school hours. |
5 points
Question 25
The rate at which future money must be discounted is known as the
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rate of inflation. |
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exposure rate. |
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discount rate. |
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time rate. |
5 points
Question 26
The value that society places on consumption that is sacrificed in the present is called
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the social rate of discount. |
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social marginal costs. |
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social marginal damages. |
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social returns. |
5 points
Question 27
consumer surplus is
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The area above the market demand curve and above the market price |
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The area above the market supply curve and below the market price |
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The area below the market demand curve and above the market price |
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The area below the market supply curve and below the market price |
5 points
Question 28
The value of a human life
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can be subjected to cost-benefit analysis. |
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can be estimated by potential future earnings. |
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is a change in the probability of a person's death. |
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is all of the above. |
5 points
Question 29
The chain-reaction game
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was cancelled on network TV. |
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counts secondary benefits without counting secondary costs. |
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Compounds a bad decision by making more bad decisions, causing unwanted projects to get funded. |
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is double-counting of benefits. |
5 points
Question 30
When wages are viewed as benefits instead of the costs of a project, it is an example of the
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chain-reaction game. |
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double-counting game. |
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dating game. |
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labor game. |