The academic studies that were the intellectual justification for Head Start suggested that money spent on early childhood education would be a wise investment because
A. kids deserve a quality education.
B. there would be higher taxes paid when these children grew up.
C. there would be lower welfare and incarceration costs when these children grew up.
D. B) and C).
Answer: D
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A deficit in the current account means:
a. Actually, a deficit in the current account is impossible. It must equal zero. b. Imports of goods and services exceed exports of goods and services. c. The sum of the financial and capital accounts is positive. d. The sum of exports of goods and services plus net international income is negative. e. The sum of the financial, capital, and reserve accounts is positive.
Where Y is GDP, C is consumption, I is investment, G is government spending, T is net taxes, and there is no international trade, private saving equals:
A. Y - T - C. B. Y -T - G. C. C + I + G - T. D. Y - C - I.
When demand is perfectly inelastic, the demand curve is
A. downward sloping. B. upward sloping. C. vertical. D. horizontal.
Assume the D curve for orange juice (a normal good) in the US has shifted to the left. Which of the following factors has most likely caused this to happen?
a) Increase in the P of orange juice. b) Increase in the availabilty of energy drinks (substitute products). c) Increase in consumer income. d) Decrease in the supply of orange juice. e) Decrease in the P of orange juice.