Why should the development of a solid elementary education system take precedence over an expansion of the university system in developing countries?
What will be an ideal response?
One reasonable answer would apply the law of diminishing returns. Another would stress that university trained graduates have limited benefit without complementary inputs of moderately trained personnel. Also the higher rate of return (both private and social) from investing in primary education.
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If a monopoly engages in rent seeking,
i. its average total cost curve is lower than otherwise. ii. it might or might not make an economic profit depending on how many other competitors also are rent seeking. iii. it necessarily incurs an economic loss. A) i only B) ii only C) iii only D) i and ii E) i and iii
Approximately what percentage of total health care spending goes toward hospital care?
a. One-tenth. b. One-fifth. c. One-fourth. d. One-third. e. One-half.
Economics is similar to other social science disciplines in that it examines individual and social behavior
Indicate whether the statement is true or false
A monopoly
a. can increase the price and increase output at the same time b. can charge any price it wants and still sell all of its output c. can sell any output it produces provided it accepts the market price d. must lower the price in order to increase output e. faces a perfectly elastic demand curve