You Have Noticed That There Is a Persistent Shortage of Teachers

question 110

Multiple Choice

You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:

• A)the wage for teachers at those schools is higher than at other schools in the state.
• B)the wage for teachers at those schools is lower than the equilibrium wage.
• C)there is an excess supply of teachers.
• D)the reservation price among teachers is lower than for other professions.

Identify and describe the practical application and implications of voting systems such as Borda count and majority rule in various contexts.

Grasp the intersection of economics and psychology as it relates to political economy, including the study of rational vs. irrational behavior, decision making, and the impact of information asymmetry.

Learn about behavioral economics concepts such as time inconsistency, satisficing, adverse selection, and screening as they apply to both individual and political decision making.

Recognize the importance of fairness and how it influences economic and political systems, including applications in experiments like the ultimatum game.

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Definitions:

Unrestricted Submarine Warfare

A type of naval warfare in which submarines attack merchant ships without warning, as practiced by Germany in both World Wars.

Allied Supply Shipments

The transportation and delivery of military and humanitarian supplies by the Allied nations to their forces and occupied territories during times of conflict, particularly noted in World Wars I and II.

American Mobilization

the process wherein the United States prepares and organizes its military and civilian resources for war or national defense, notably during World War II.

Wilsonian Ideals

based on President Woodrow Wilson's principles, promote democracy, capitalism, and national self-determination, shaping U.S. foreign policy in the 20th century.