Education leads to external benefits because
A) the people who become better educated get better jobs.
B) better educated people commit fewer crimes.
C) better educated people are less lazy.
D) little pollution is created when educating people.
E) better educated people are more productive.
B
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Pencils sell for 10 cents and pens sell for 50 cents. Suppose Jack, whose preferences satisfy all of the basic assumptions, buys 5 pens and one pencil each semester. With this consumption bundle, his MRS of pencils for pens is 3
Which of the following is true? A) Jack could increase his utility by buying more pens and fewer pencils. B) Jack could increase his utility by buying more pencils and fewer pens. C) Jack could increase his utility by buying more pencils and more pens. D) Jack could increase his utility by buying fewer pencils and fewer pens. E) Jack is at a corner solution and is maximizing his utility.
Matt is offered a job driving the campus shuttle bus from 4 p.m. to 6 p.m. each Monday. His reservation wage for this job is $7 per hour. Suppose the campus transportation director offers Matt $50 per hour. Will Matt accept this job?
A. No, accepting the job means a negative economic surplus for Matt. B. Yes, although accepting the job means a negative economic surplus for Matt, it's still better than having no job. C. No, although accepting the job means a positive economic surplus for Matt, still it's not the best option for him. D. Yes, accepting the job means a positive economic surplus for Matt.