When someone says positive externalities coming from education justify subsidization of education, they are saying
A) education must be uniform in a democratic society.
B) government ought to be the exclusive provider of at least elementary education.
C) many people cannot afford to educate their children.
D) private schools tend to be inefficient.
E) students capture only part of the benefits from attending school.
E
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Which of the following is NOT a monetary policy tool of the Federal Reserve?
A) changes in required reserves B) last resort loans C) deposit insurance D) open market operations
Explain why real GDP might be an unreliable indicator of the standard of living
What will be an ideal response?
A factor that would reduce the ability of the Social Security system to maintain current benefit levels with constant tax rates is
a. rapid real wage growth. b. reduced population growth. c. adoption of a "pay as you go" system. d. a slowdown in inflation.
In a market in which the government has set a price ceiling below the equilibrium price:
A. there will be excess supply. B. the quantity demanded will equal quantity supplied. C. a black market might develop. D. quantity supplied will exceed quantity demanded.