Education Is a Good Example of A

question 14

Multiple Choice

Education is a good example of a:

• A) pure public good.
• B) pure private good.
• C) good that creates external benefits.
• D) good that creates external costs.

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Definitions:

Market Pricing

The practice of setting salaries based on the prevailing wage rates for similar positions in the external labor market.

Knowledge and Accountability

The principle that having access to information or understanding responsibilities leads to being held responsible for actions and decisions.

External Equity

The fairness of an organization's pay rates in comparison to what other employers are paying for the same type of labor in the market.

Wage and Salary Surveys

Research conducted to gather and analyze information on compensation practices across different organizations or industries.