Question : 51) The above figure shows the market for college education : 1241048

51) The above figure shows the market for college education in the United States. With no government intervention, the market equilibrium is at a tuition of ________ and ________ million students per year.

A) 16,000; 14

B) $20,000; 10

C) $13,000; 10

D) $13,000; 17

E) $16,000; 10

52) The above figure shows the market for college education in the United States. With no government intervention, the unregulated market equilibrium is ________ because education generates ________.

A) efficient; positive external benefits

B) inefficient; positive external benefits

C) inefficient; positive external costs

D) efficient; positive external costs

E) inefficient; public goods

53) The figure above shows the market for college education in the United States. If there is no external benefit from a college education and the government does not intervene in the market, then the equilibrium tuition of college education is

A) $13,000.

B) $16,000.

C) $20,000.

D) $7,000.

E) None of the above answers are correct.

54) The figure above shows the market for college education in the United States. The efficient quantity of college education is ________ students per year.

A) 10 million

B) 12 million

C) 17 million

D) 18 million

E) 14 million

55) The figure above shows the market for college education in the United States. The marginal external benefit associated with educating 14 million students is ________ per student per year.

A) $16,000

B) $13,000

C) $11,000

D) $5,000

E) $7,000

56) The figure above shows the market for college education in the United States. If the government does not intervene in this market, the number of students going to college is ________ and the efficient number of students is ________.

A) 13 million students per year; 16 million students per year

B) 14 million students per year; 16 million students per year

C) 10 million students per year; 14 million students per year

D) 10 million students per year; 13 million students per year

E) 14 million students per year; 10 million students per year

57) The figure above shows the market for college education in the United States. If the government does not intervene in this market, the deadweight loss equals ________ per year.

A) $28 billion

B) $14 billion

C) $280 billion

D) $224 billion

E) $7 billion

58) The figure above shows the market for college education in the United States. If the government intervenes in the market and provides a subsidy to colleges to enroll the efficient number of students, the amount of the subsidy equals ________ per student.

A) $5,000

B) $16,000

C) $13,000

D) $11,000

E) $7,000

59) The figure above shows the market for college education in the United States. If the government provides a subsidy to colleges to enroll the efficient number of students, the amount of the subsidy per student equals ________ and each student pays ________ per year.

A) $16,000; $13,000

B) $7,000; $13,000

C) $5,000; $13,000

D) $11,000; $16,000

E) $5,000; $11,000

60) The figure above shows the market for college education in the United States. If the government has a goal of enrolling the efficient number of students each year, the government should provide a voucher to students equaling ________.

A) $16,000

B) $13,000

C) $11,000

D) $5,000

E) $7,000