Question 1 Which of the following is an important difference between the United

Question

Question 1

Which of the following is an important difference between the United States and other countries in terms of their K-12 education system?

Select one:

a. The United States spends less on education per pupil than most other countries

b. The United States spends a higher percentage of its GDP on education than other countries

c. The United States has a shorter school year than most other countries

d. The United States has a purely private market for education

e. All of the choices

Question 2

How is the official "poverty threshold" calculated?

Select one:

a. Determine the minimum income necessary for a family to purchase clothing and shelter, and then multiply by three

b. Determine the minimum income necessary for a family to live at a "subsistence level" in a rural community

c. Determine the amount of income necessary for a family to live on without becoming eligible for food stamps

d. Determine the minimum income necessary for a family to purchase an adequate diet, and then multiply by three

e. None of the above

Question 3

Which of the following effects creates an incentive for poor workers to reduce their hours of work when they receive cash assistance?

Select one:

a. Income

b. Supply

c. Welfare

d. Substitution

e. Lorenz

Question 4

Which of the following could explain why criminals commit crimes that are punished by the death penalty?

Select one:

a. They perceive that the probability of getting caught is zero

b. The crime is a "crime of passion."

c. Their opportunity cost is zero

d. The benefit of the crime is infinite

e. All of the choices

Question 5

A characteristic of a public good or service is

Select one:

a. that no individual can identify specifically the part of it that he or she consumes.

b. once the good is provided, it is difficult or impossible to exclude anyone from using it.

c. if it is provided privately, it generates a "free-rider" problem.

d. one person's use does not decrease the quantity available for others.

e. all of the choices.

Explanation / Answer

1.

K12 is a term used in education technology in the US, Canada and other countries where education is the responsibility of the state; refers to all primary and secondary education till 12th grade. Thus, US spends a higher percentage of GDP on education compared to other countries.

the correct option is (b)

2.

The official poverty threshold is the minimum amount necessary for a family which is adequate for a particular country.

the correct option is (e)

3.

The Substitution effect for the workers is a trade-off between work and leisure. When there is a cash assistance received by the workers then they prefer leisure over work as they have more income to spend on leisure.

the correct option is (d)

4.

Criminals commit a crime that is punished by the death penalty as they believe the probability of getting caught is zero or the opportunity cost is zero. Also according to the criminals, benefits of crime are infinite and it is a crime for passion.

the correct option is (e)

5.

Public good or service is that good which once provided, it is difficult to devoid anyone from it as an individual cannot identify the part used by he/she. It leads to a free rider problem when it is privately provided. Also, use by one person does not decrease the amount available to others.

the correct option is (e)

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