As a share of GDP, U.S. spending on education is:
a. comparable to that of other wealthy nations in the OECD
b. about 26% higher than the average of wealthy nations in the OECD
c. about 26% lower than the average of wealthy nations in the OECD
d. rising slowly, but steadily
b
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The theory that regulation helps producers to maximize profit is the
A) social interest theory. B) consumer surplus theory. C) antitrust theory. D) capture theory. E) oligopoly theory of regulatory bodies.
How do insurance companies try to reduce: 1) the moral hazard problem; 2) the adverse selection problem?
A nation can gain from international trade when the relative domestic prices of the nation differs from that in other countries, and it imports goods for which it is a high opportunity cost producer
a. True b. False Indicate whether the statement is true or false
Nontariff barriers include which of the following?
A) Export subsidies, specific tariffs and restrictions at national borders B) Export subsidies, ad valorem tariffs and price supports C) Price supports, favorable credit terms for exporters, specific tariffs and ad valorem tariffs D) Price supports, import quotas and favorable government credit terms