Overcrowding under public school choice is not a problem because _____
a. parents find crowded schools undesirable
b. parents do not mind sending their kids to schools far away from home
c. schools have the ability to drastically expand capacity in the short-run
d. schools will be extremely exclusionary
a
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Higher the economic freedom in a country, _____
a. lower is the standard of living of the people b. higher is the life expectancy of the people c. greater is the bureaucratic freedom and red-tapism d. lower is the level of access to education due to lack of government schools e. lower is the literacy rate
Suppose that you open your own business and earn an accounting profit of $40,000 per year. When you started your business, you left a job that paid you a $25,000 salary annually. Also, suppose that you invested $70,000 of your own funds to start up your
business. If the normal rate of return on capital is 5 percent, your economic profit is A) $15,000. B) -$11,500. C) $11,500. D) -$55,000.