Should a state (like Michigan) subsidize college education? Make use of economic logic in your answer....

Should a state (like Michigan) subsidize college education? Make use of economic logic in your answer.

Detailed please! thank you

Solutions

Expert Solution

Answer : Specialized people has more working efficiency in compared to unspecialized people. So, by using specialized people in working field the economy can get more output. Because of higher output level the nation's GDP level or income level increase and because of higher GDP or income the nation's economic growth rate increase. College education increase the working skill in people by specializing them in particular areas. In case of college education students has the facility to choose those subjects for specialization in which they are more interested. As a result, students become specialized in their selected subject after completing their college education. Due to specialization people's working efficiency increase and due to more working efficiency the economic growth level increase. As college education increases the economic growth level of nation and as the whole nation is divided into states, hence to increase the nation's economic growth level the states should subsidize the college education because college education is more expensive.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Use the economic concept of scarcity to evaluate this statement: "College education should be free for...

Use the economic concept of scarcity to evaluate this statement: "College education should be free for everyone." What would it mean to provide "free" college education to everyone?

(Logic) Bookstores like education, because national data show that 71% of college graduates have read a...

(Logic) Bookstores like education, because national data show that 71% of college graduates have read a book in the past year, compared to 54% of the general population age 18 and over. The data also show the nationwide average educational level to be 13 years of schooling completed, with an SD of about 3 years, for persons age 18 and over. A bookstore is doing a market survey in a certain county, and takes a simple random sample of 1,000...

Should governments subsidize education? Should governments operate our schools or should schools be run by private...

Should governments subsidize education? Should governments operate our schools or should schools be run by private businesses?

Why should taxpayers subsidize businesses who provide additional training and education? What external benefits are generated...

Why should taxpayers subsidize businesses who provide additional training and education? What external benefits are generated by this additional training?

You should use economic concepts learned throughout the course to support your answer. Given the laws...

You should use economic concepts learned throughout the course to support your answer. Given the laws of supply and demand (to start with) you can expand on the concepts based on your answer. What do you expect the market to look like for higher education as a result of COVID-19? You can generalize your answer and look at the total market for higher education, focus on a specific school, location, rank, etc., Explain what you expect to happen to the...

Education should be accessible to people of all economic backgrounds. All levels of education, from primary school to tertiary education, should be free.

Question – 3: Write a brief paragraph (120 - 150 words) on any ONE of the following topics: (10) Education should be accessible to people of all economic backgrounds. All levels of education, from primary school to tertiary education, should be free. To what extent do you agree with this opinion? (Discursive Paragraph)

Discuss the current state of India in terms of its economic development. Make use of development...

Discuss the current state of India in terms of its economic development. Make use of development indicators (e.g. NHDI, Gini coefficient etc.) including the current level and also the trend. (300 Words + )

The director of cooperative education at a state college wants to examine the effect of cooperative...

The director of cooperative education at a state college wants to examine the effect of cooperative education job experience on marketability in the work place. She takes a random sample of 4 students. For these 4, she finds out how many times each had a cooperative education job and how many job offers they received upon graduation. These data are presented in the table below. Student Coop Jobs Job Offer 1 1 4 2 2 6 3 1 3 4...

In brief paragraph Explain the Electoral College and make your best argument for why it should...

In brief paragraph Explain the Electoral College and make your best argument for why it should be preserved or eliminated. Is it still serving a legitimate function or is it an impediment to real democracy?

What are the economic costs of attending college? List the relevant factors and defend your answer....

What are the economic costs of attending college? List the relevant factors and defend your answer. “The elasticity of demand for Coca Cola is smaller than for soda in general.” Is this sentence true or false? Defend your answer. Over time, the contributions of computing and computer power to economic output have grown. How do you expect this will affect the market for college degrees in computer science? Defend your answer. A graph is required for full credit. Suppose there...

Subjects