Which of the proposals for education reform is likely to be supported by an economist concerned with efficiency?
a. Give families "education stamps" to be spent at the school of their choice.
b. Assign children to particular schools based on where they live.
c. Give all schoolchildren the same number of years of education.
d. Abolish private (i.e., fee-charging) schools.
a
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Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
The private market equilibrium quantity is ________ doses per day.
A. 75 B. 100 C. 125 D. 50
International trade is possible in part through:
A) inefficiently employing resources. B) restricting the rate of growth of output. C) generalization in the production of all goods. D) specialization in the production of goods.
Individuals are allowed to deduct a percentage of their expenditures for health care from their taxable income if these expenditures are above a certain amount. This reduces the amount that must be paid in taxes. Allowing for these deductions would ________ vertical and horizontal equity of the federal income tax.
A. not change B. improve C. worsen D. Any of the above answers could be correct.
Nominal GDP is greater than GDP because of the effects of inflation as measured by the GDP chain price index
a. True b. False Indicate whether the statement is true or false