A School System Conducted a Study to See How Students

question 67

True/False

A school system conducted a study to see how students valued their education by asking graduates to rate their experiences in each grade. This would be an example of a retrospective study.

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Definitions:

Excludable

A characteristic of a good or service that allows its owner to prevent others from using it without permission.

Nonrival

A characteristic of a good whereby one person's consumption does not diminish the availability of the good for consumption by others.

Marginal Social Cost

The additional cost incurred by society as a whole due to the production of one extra unit of a good or service.

Socially Optimal

A state or outcome in which the total benefits to society are maximized, taking into account all costs and benefits, both private and external.