Which of the following are reasons for the increased centralization in school financing?
a. The existence of diseconomies of scale in education.
b. A desire by state education agencies to decentralize control.
c. A desire to equalize funding across school districts.
d. Increasing positive externalities from education as globalization increases.
c
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The Bank of Techland is the largest bank in Techland. Which of the following is likely to be true if this bank fails?
A) Real interest rates in Techland will fall. B) Labor supply in Techland will fall. C) Real wages in Techland will remain unchanged. D) Techland's output will fall.
Pricing insurance policies is made difficult because buyers have more information than sellers. This difficulty is an example of
A) adverse selection. B) asymmetric information. C) the free-rider problem. D) moral hazard.
Activists and nonactivists both believe that
a. the self-corrective mechanism of a market economy works quite well. b. macro-policy should seek to minimize economic fluctuations, keep the inflation rate low, and establish an environment consistent with strong economic growth. c. discretionary monetary and fiscal policy can be used successfully to speed the adjustment process and reduce the swings of the business cycle. d. policies that stimulate aggregate demand can reduce the long-term rate of unemployment.
Other things being equal, the elasticity of demand for labor will be greater the:
A. Smaller the proportion of total costs accountable for by labor costs B. Smaller the elasticity of demand for the product it produces C. Larger the number of close substitute resources available D. More rapid the decline in its marginal productivity