The opportunity cost of going to college consists of more than just the tuition that will be paid

Which of the following is true?

a. The size of the national debt currently is about the same size as it was during World War II. b. The national debt increases in size whenever the federal government has a surplus budget. c. The national debt's size decreased steadily after 1980. d. The current U.S. national debt is over $16.0 trillion.

If education produces positive externalities and the government does not intervene in the market, we would expect

a. the market equilibrium price to be higher than the efficient equilibrium price b. the market equilibrium quantity to be lower than the efficient equilibrium output level. c. the market equilibrium quantity to be higher than the efficient equilibrium output level. d. none of the above