Section 2: Economic Concepts a) Education Production: What education production function representing each of the following educational
Question:
Section 2: Economic Concepts a) Education Production: What education production function representing each of the following educational outputs. Each production should be written in the form = (1,2,3,...), where the X's represent 3-4 inputs that ultimately translate into the specified output; the inputs you choose should be supported by topics we covered in class. Output: 8th grade test scores Output: Socioemotional skills as an adult Output: Attending college as a low-SES student b) Incentives and Unintended Consequences: For each of the policies, describe 1) the intended behavior that the policy is supposed to incentivize, and 2) one potential unintended consequence. Policy: students are paid for high test scores Policy: a school district switches to a school voucher program Policy: the federal government approves a no-strings-attached grant of $2,000 for all prospective students looking to attend college. Policy: a state imposes an aggressive school finance equalization policy that requires re-distribution of school funds so that all school districts have exactly the same amount available to them. c) Human capital vs. Sorting: For each of the following examples, explain whether the human capital model, the signalling model, or both models apply. Employers often list a 4-year college degree as a requirement for those applying for certain jobs. Teacher quality increases student lifetime earnings. All courses at a given university are open to the public to attend, but there is still an earnings premium for graduating from that university.
d) Behavioral Economics and Information Asymmetry: For each of the following scenarios, explain thetraditional economic prediction and why the behavior described is not consistent with those predictions. You really want to learn how to play the guitar, but you have been procrastinating for months. Choosing a school to attend based on the school's average test scores instead of value-add Applying for financial aid only after repeated text messages remind you to do so Only applying to the same colleges that your friends do
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta