Economics & Education

Gesamtpunktzahl 6/11

E-Mail-Adresse *

nagapranav@tanarata.net

Economics of Education: Crash Course Economics #23

Why DO governments spend so much on ···/5

education? *

Governments do spend so much money on education because:

1. Education enables the students to acquire skills and knowledge

which increases the chance of them landing a high-paying job and
a good position in society. This helps boost the economy.

2. Education also benefits the society as a whole as it paves the

way for art, innovative inventions and curing of diseases. It even
increases the GDP (Gross Domestic Product), productivity of the
population and the standards of living.

3. The governments do not also want education to become

entirely privatised and to be handled by profit-seeking businesses
because it is more likely that certain children from different races
or other factors might be excluded and that would degrade the
society.
How much did U.S. Federal and State 1/1
governments spend on education in 2015? *

$1 million

$1 billion

$634 billion

$1 trillion

What is the "college wage premium?" * 1/1

On average, college graduates earn more

On average, college graduates earn less

On average, college graduates earn debt

On average, college graduates work at Starbucks

Economists give what two main explanations for2/2

why college graduates earn more? *

The human capital theory

The signaling theory

The big bang theory

The theory of evolution

How much student loan debt do American 1/1
students have? *

$1 million

$1 billion

$1 trillion

$1 googol

In 1993, the median amount borrowed for 1/1

college was $12,500. How much was it as of
2012? *

$27,500

$57,200

$72,500

$52,700

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