What Is the Rationale for Government Provision of Education

question 136

Multiple Choice

What is the rationale for government provision of education?

• A)Not all incomes are equal, but everyone has the right to education regardless of wealth.
• B)Potential students consider only their personal benefits gained from education, but the rest of society
• Benefits, too.
• C)No education would be provided in the absence of government provision because everyone would
• Consume it without paying.
• D)The cost of providing education for the entire public is too large.
• E)The government can provide education at a much lower cost than the private sector.

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Definitions:

Expected Monetary Value(EMV)

A calculation used in decision-making under risk, representing the sum of possible outcomes weighted by their respective probabilities and monetary impacts.

Expected Opportunity Loss Decision

A decision-making approach that minimizes the expected loss due to not choosing the best option under uncertainty.

State of Nature

A term used in decision theory and statistics to refer to the actual but unknown condition or outcome of a particular phenomenon.

Decision Tree

A decision tree is a graphical representation used in decision analysis to display choices and their possible outcomes, including chance event outcomes, resource costs, and utility.