When People Determine the Quantity of Education They Will Undertake

question 55

Multiple Choice

When people determine the quantity of education they will undertake, they ________ the external benefits. As a result, if education were left to an unregulated market, people would undertake too ________ education.

• A) overvalue; much
• B) ignore; much
• C) ignore; little
• D) overvalue; little

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Definitions:

Average Time

The mean value of a set of times; it represents the central tendency of time data.

Customer

An individual or organization that purchases goods or services from a business.

System

An organized set of components or entities that are interrelated and work together to achieve a particular goal or set of goals.

Probability

A measure that quantifies the likelihood of a certain event or outcome to occur, expressed as a number between 0 and 1.