Which of the following is an externality aspect of education? A. Education produces a return to...

Which of the following is an externality aspect of education?

A. Education produces a return to society that is greater than the return to the individual.

B. Education produces costs to society that are greater than the costs to the individual.

C. Education produces a return to society that is less than the return to the individual.

D. Education produces costs to the individual that are greater than the costs to society.

Solutions

Expert Solution

(a) Education produces a return to society tha is greater than the return to the individual.

because:

A better learned or educated worker would be able to contribute more to the society than to an illiterate worker and he will take less time to be trained and can contribute more to its capacity wth its intellctual capability.

Innovation and learning by doing will increase the productivity of an individual but will also foster the great participation of individual and decision making in societies where educated people have greater opportunities.

Higher education will pay you greater earnings which will lead to an individual growth and increase in education of labour wil give high economic output. Higher earning to an individual represent the reward which gives an individual a social status in the society

Thus, education produces a return to the scoiety that is greater than the return to the individual.

Rahul Sunny answered 1 year ago

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