Why should the development of a solid elementary education system take precedence over an expansion of the university system in developing countries?
What will be an ideal response?
One reasonable answer would apply the law of diminishing returns. Another would stress that university trained graduates have limited benefit without complementary inputs of moderately trained personnel. Also the higher rate of return (both private and social) from investing in primary education.
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Firms maximize profit when
A) the additional benefit from producing a good equals the additional cost of producing that good. B) MR = MC. C) the derivative of the profit function with respect to output is zero. D) All of the above.
If Robin has an absolute advantage in both gardening and baking when compared to Robert, then
a. Robin cannot benefit by trading with Robert b. Robin can benefit by specializing in gardening if Robert specializes in baking c. Robin can benefit by specializing in baking if Robert specializes in gardening d. Robin and Robert may benefit from trading, but there is insufficient information to determine who should specialize in what e. neither Robin nor Robert can benefit from trading with the other