Answered: Give two justifications for government…

Business

Economics

Give two justifications for government providing universal K-12 education.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter18: Public Economy

Section: Chapter Questions

Problem 13RQ: How does a government agency raise revenue differently from a private company, and how does that...

See similar textbooks

Related questions

Q: If computers are like most goods and the price of computers chips fall, then holding all else…

A: Answer: A decrease in the cost of inputs leads to an increase in the supply of a good. As a result,…

Q: A car manufacturer Volvo is interested in signing new deals with car dealers across Sweden to sell…

A: A market is where purchasers and dealers can meet to work with the trade or exchange of labor and…

Q: "Which statement is incorrect regarding the use of factors? O a. F is at the same year of the last A…

A: The measure that depicts the current stream of cash flows being discounted at a specified rate of…

Q: Approximately, what is the value of the total Present worth (where Ptotal= PA + PG) if G (arithmetic…

A: An arithmetic gradient is a type of cash flow in which the cash flow fluctuates by the same number…

Q: 1. Suppose the demand for frozen pizzas is given by the following equation: QD=100-50P+25P, -1.51…

Q: . 200 400 600 900 OUTPUT (Billions of dollars) AS AD 1000 1200 ܘ ܘ AD AS

A: AS is the complete amount of output firms will deliver and sell — as such, the genuine GDP. AD is…

Q: Which of the following is an example of the “crowding out effect” from hosting the Olympics? Group…

A: Crowding-out effect: - The crowding-out effect is the decrease in private investment due to the…

Q: Month Units produced Total Cost Jan 600.00 16,000.00 Feb 800.00 18,000.00 March 1,100.00 20,000.00…

A: (1) (2) (3) (4) (5) (6) (7) Month Total Cost(y) Difference From Average Number of units (x)…

Q: Question 7 In the presence of externality, market produces a good or service at the socially optimal…

A: Externality is the spillover effect of an economic activities done by person which has impact on…

Q: Single Payment Compound Present Amount Factor Worth Factor (F/P, i, N) (P/F, i, N) 1.0900 0.9174…

A: Computing the annual equivalence costs by utilizing the following formula: AEC(i%) = (P-S)(A/P,i,n)…

Q: Output in an economy is given by the production function, Y-AK0.25 0.75 where Y is output and A…

A: Introduction We have given data of neoclassical theory of economic growth which is developed by the…

Q: Buffy is thinking about opening an amulet store. She estimates that it would cost $350,000 per year…

A: Opening new business require to analysis the cost amd benefits of it . And also consider the amount…

Q: oney supply grows at a rate of / > 0 initially. At some later time, an immediate decrease in the…

A: *Answer: The money supply is the supply of currency in an economy. It means the central bank uses…

Q: All of the following, except one, are examples of the factor land. Whi exception? O Minerals Natural…

A: There are four factors of production, i.e., land, labor, capital, and entrepreneurship.

Q: True or false In technical analysis the larger the number of days used in a moving average, the…

A: When talking about the value of currency, any change in it will lead.to affect the imports and…

Q: A project's approved budget is $210000 and planned budget to date is $45000. What will be the…

A: In its most basic form, a budget plan is a statement that provides projections of the expenditures…

Q: Subject: Manegerial economics & policy Using the information in the following table, determine how…

A: Answer: Theoretically, profit maximization occurs where the marginal cost (MC) and marginal revenue…

Q: In the economy of Spendsalot, the marginal propensity to save, MPS, is 0.8. What is the marginal…

A: Marginal propensity to save is the proportion of income saved.

Q: Changes in prices can be attributed to shifts in the supply curve, the demand curve, or both. In…

A: There are various factors that influence the demand and supply curve . following is the demand and…

Q: For the transactions shown below, determine the amount of money in the account at the end of year 3…

A: The total amount of cash and cash equivalents a corporation receives and expends cash is referred to…

Q: Naked Economics: Undressing the Dismal Science Book by Charles Wheelan Please refer to the chapter…

A: Money is anything that is generally accepted by the general public and it performs various functions…

Q: Which is NOT causing the growth of slums, according to Mike Davis? Group of answer choices Lack of…

A: When talking about slums, it is the place of living of poor people in urban areas.

Q: Expected inflation can be estimated as a. the return on a TIPS bond b. the return on a…

A: When talking about expected inflation, it is the individual's estimation about the change in the…

Q: Focus on the difference between feasible alternatives (Principle 2) Insulated concrete forms (ICF)…

A: Cost of construction of a conventional wood frame house :$130 per sqft.Total Carpet area of house =…

Q: In 2005, suppose a typical U.S. owner of a home theater (a television and a DVD player) bought 8…

A: Here we have:- Cobb-Douglas utility function=Uq1,q2=q10.2q20.8 Here Barbara spent spent $600 so, the…

Q: Use the chart below to calculate the growth rate in real GDP per Capita. Nominal GDP Population CPI…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: Which of the following systems of political economy does NOT produce an economic surplus? o hunting…

A: There are different types of political and economic system that influence the overall working of the…

Q: The Treasury notes that there are several ‘risks’ to its predictions. These include that “ The…

A: The Russia-Ukraine war will not only impact these two countries but will impact the world trade as…

Q: On the following graph, use the green line (triangle symbol) to show the effect this employer…

A: Economic equilibrium is a condition or state where economic powers are adjusted. As a result,…

Q: Which of the following industries had the highest unionization rate in 2011? O Construction…

A: Unions are the instructions that are created by the employees. Unions protect the interests of the…

Q: For the study period approach, Select one: O a. the cash flows that occurs beyond the study period…

A: Introduction this topic is related Research approch

Q: 2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates…

A: Marginal product is the additional output produced by employing an additional worker. Value of…

Q: A production function for a good Q uses inputs of labor (L) and capital (K) and takes the form Q=LK.…

A: Cost The number of goods and services necessary to produce or manufacture is referred to as the…

Q: Explain how the slope of IS curve affect the outcome of expansionary monetary policy (increase in…

A: Expansionary monetary policy Expansionary monetary policy functions by rapidly growing the money…

Q: On the following graph, use the orange points (square symbol) to plot Caroline's free-throw…

A: The marginal cost of production and marginal revenue can be used to maximise product output and…

Q: commercial fisherman notices the following relationship between hours spent fishing and the quantity…

A: Answer and Explanation: A) The MP of every hour spent fishing is provided in the table below. The…

Q: (c) Consider the following macroeconomic model Y = C + 1+ Go C = 40 + 0.8Y 1 = 0.1Y b(i) (ii) hand…

A: (i) Degrees of freedom Degrees of freedom are a statistical term that refers to the number of…

Q: Time left 0:14 A company is considering two machines. Machine X has a first cost of $30,000, AOC of…

A: In the annual worth analysis, we find equivalent annual values of all the cash flows.

Q: Why do you think that college enrollments have flattened from 2010 to 2019 and are projected to be…

A: When making decisions, rational consumers want to maximize their own utility or satisfaction. Often,…

Q: Which nation has the absolute advantage in the production of radios? And, which nation has the…

A: The capacity to create a greater number of products and services at a higher quality than…

Q: There is a beach with nine regions in it and two pop sellers must choose in which region to situate.…

A: Choosing district 2 rule picking locale 1 is unequivocally on the grounds that every one of the…

Q: Using a simple diagram, illustrate how the monopolist can produce output of a competitive firm but…

A: Monopolist refers to the type of economy or market where it is characterized by a single seller or…

Q: adexation allows workers' wages to increase automatically in line with inflation. dexation, the…

A: *Answer: In first part, Option A and D is correct. A. Wage indexation becomes more likely to be…

Q: A. Draw a potential income constraint such that if T = 5, this person will not participate in the…

A: In the mentioned question we have been asked about the different utility function and leisure - work…

Q: Extract B (lines 2-3) states: 'a recent survey found that only a third of adults had used a library…

A: Demand for library services has fallen drastically.

Q: Discuss the impact of the lockdown in China and the war in Ukraine on the global economy

A: SUMMARY- China's retail and modern creation dropped strongly in April, as lockdowns in the nation…

Q: 3. Determinants of aggregate demand The following graph shows an increase in aggregate demand (AD)…

A: A measurement of the entire quantity of demand for all completed products and services produced in…

Q: Two consumers have utility functions given by UA = x¹/3y2/3 and UB = x¹/3 + y2/3 If each consumer…

A: A utility function is a representation for defining individual preferences for commodities or…

Q: Naked Economics: Undressing the Dismal Science Book by Charles Wheelan Please refer to the chapter…

A: Answer: The federal reserve changes the supply of money to change the interest rate. This change in…

Q: Explain why for some goods, the long-run price elasticity of demand is greater than the short-run…

A: Elasticity of demand:- An elastic demand can be explained as a measure wherein a price change…

Question

Give two justifications for government providing universal K-12 education.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How does a government agency raise revenue differently from a private company, and how does that affect the way government makes decisions compared to business decisions?
Say that the government is considering a ban on smoking in restaurants in Tobaccoville. There are 1 million people living there, and each would benefit by 200 from this smoking ban. However, there are two large tobacco companies in Tobaccoville and the ban would cost them $5 million each. What are the proposed policys total costs and benefits? Do you think it will pass?
Recycling is a relatively inexpensive solution to much of the environmental contamination from plastics, glass, and other waste materials. Is it a sound policy to make it mandatory for everybody to recycle?
How does the poverty trap discourage people from working?
4. Educational equality exists when schooling produces thesame __________ for lower-class children and minoritiesas it does for other children.
1. When was contraception permitted in all 50 U.S. states? 1968 1961 1965 1963 1962
1. Can the teacher satisfy the needs of all types of learners in a large class? Why & why not?
21. The burden of Medicaid costs are: A. The sole responsibility of statesB. The sole responsibility of the Federal governmentC. Shared by the states and Federal governmentD. Shared by the states and the individual receiving the benefits
1. How does the government make an equitable/impartial/fair distribution of income? Give an example and why
treat each other equally how this would help in addressing and mitigating inequalities explain in 5-10 sentences
17. Which of the following statements applies to the Social Security program? A. Benefits are paid on the basis of needB. It provides cash assistance and services to families with dependent childrenC. It is financed by payroll taxes on employees and employersD. Benefit levels vary throughout the nation because the system is administered by the individual states
What are some of the criticisms of recent government policies in education?