Provide four reasons for the changes observed in per-pupil spending during the latter half of the twentieth century
What will be an ideal response?
The first reason for the changes observed in per-pupil spending over that time period is that schools are using more resources than they were using in 1940 . For example, computers and lab equipment were non-existent in the schools of 1940 . Second, a greater emphasis has been placed on lowering class size and raising teacher salaries, both of which have contributed to the increase. Third, a greater percentage of school spending is being devoted to non-classroom resources such as sports programs. Fourth, education has become increasingly bureaucratized which has reduced productive efficiency in the education sector.
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Suppose that an economy is initially producing at the full-employment level of output. Now suppose there is a reduction in the money supply. Other things being equal we can expect
A) demand-side inflation. B) supply-side inflation. C) deflation. D) cost-pull inflation.
The term "twin deficits" refers to
A) government budget and trade deficits. B) saving and investment deficits. C) exports and imports deficits. D) production and expenditure deficit.
DeBeers was able to profit the most from the diamond market by selling a:
A. lot of diamonds at high prices. B. lot of diamonds at low prices. C. few diamonds at low prices. D. few diamonds at high prices.
If two goods are close substitutes:
a. A decrease in the price of one will increase the demand for the other b. An increase in the price of one will increase the demand for the other c. An increase in the price of one will decrease the demand for the other d. A decrease in the price of one will have no effect on the demand for the other