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The length of the school year in the United States is longer than in most other developed countries.

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A master's degree increases lifetime earnings over a bachelor's degree by $2.5m over high school graduates.

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A college education does not improve earnings over a high school degreE.

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Studies of voucher programs indicate that the effects of vouchers on student achievement


A) Are small but have negative impact on student performance
B) Are received primarily by African-American and economically disadvantaged children
C) Have yet to be examined in large-scale programs
D) Both b and c
E) None of the above

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A decrease in the cost of education will


A) Increase the supply of education
B) Increase the equilibrium tuition
C) Decrease the equilibrium quantity of education
D) Increase the equilibrium quantity of education
E) Shift the demand curve for education to the left

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Marginal social benefits equal


A) MPB + spillover benefits
B) MPB - spillover benefits
C) MPCs
D) Total benefits + positive externalities in consumption
E) None of the above

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Improved education will lead to higher economic growth in a country.

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Years of education completed are negatively related to criminal activities.

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About how much does the United States spend on education,per pupil?


A) $6,000
B) $7,000
C) $8,000
D) $9,000
E) $10,000

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An increase in the marginal benefit of education will cause which of the following?


A) The demand curve for education shifts right
B) The demand curve for education shifts left
C) The supply curve for education shifts right
D) The supply curve for education shifts left
E) The equilibrium number of years of education will decrease

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -A tuition subsidy equal to how much will move the market to the socially optimal level of education? A) T<sub>3</sub> - T<sub>2</sub> B) T<sub>2</sub> - T<sub>1</sub> C) T<sub>3</sub> - T<sub>1</sub> D) T1 E) T2 -A tuition subsidy equal to how much will move the market to the socially optimal level of education?


A) T3 - T2
B) T2 - T1
C) T3 - T1
D) T1
E) T2

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Which of the following statements does not enjoy widespread agreement?


A) Achievement per dollar in U.S.education is too low
B) Reform of the U.S.education system is necessary to maintain high level human capital
C) Smaller class sizes can improve student performance
D) Voucher programs are the most effective way to improve the U.S.education system
E) Increased teacher pay increases teacher quality

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -What is the equilibrium level of education in this market? A) 0 years B) 1 year C) 12 years D) 16 years E) Between 12 and 16 years -What is the equilibrium level of education in this market?


A) 0 years
B) 1 year
C) 12 years
D) 16 years
E) Between 12 and 16 years

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -What tuition would result in the family demanding 16 years of education? A) $0 B) Less than $4,000 C) $4,000 D) $6,000 E) $10,000 -What tuition would result in the family demanding 16 years of education?


A) $0
B) Less than $4,000
C) $4,000
D) $6,000
E) $10,000

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Public K-12 education facilitates equal opportunity.

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The empirical evidence of the effectiveness of voucher programs is best described as


A) Positive
B) Negative
C) Inconsistent
D) Substantial
E) Nonexistent

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The Following Questions Refer to the graph below. The Following Questions Refer to the graph below. -Which of the following government actions will move the market equilibrium to the socially optimal number of years of education? A) A tax on education equal to $1,000 B) A tax on education equal to $3,000 C) A tuition subsidy equal to $1,000 D) A tuition subsidy equal to $3,000 E) Government provision of all education -Which of the following government actions will move the market equilibrium to the socially optimal number of years of education?


A) A tax on education equal to $1,000
B) A tax on education equal to $3,000
C) A tuition subsidy equal to $1,000
D) A tuition subsidy equal to $3,000
E) Government provision of all education

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Education is said to be which of the following?


A) Individually consumed
B) Individually produced
C) A semi-private good
D) A private good
E) A public good

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Voucher programs fund students to attend poor performing schools.

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Ninety percent of school-aged children attend public schools in the United States.

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