Consider the following. Joe is deciding whether to go to college full time. If he does not attend college, he will continue to work at his present job. Joe earns $14,000 annually. He estimates that tuition and fees at the local public college will be about $10,000 per year and that he can graduate in four years if he does not work. The starting salary in the field he hopes to enter is about $30,000, and he estimates that he will earn about $600,000 more in his working lifetime with a college degree than without one. What will be Joe’s opportunity cost of four years of college? What will be his net benefits (benefits minus costs)? Should he make the investment in education?
Answer to relevant QuestionsHow does property tax funding of K–12 education create inequality? Consider your response in terms of both the tax rate and the tax base. What can be done to create greater equality? Is it possible to be a member of a minority when, in fact, your group has greater numbers than another group? Can you think of any examples besides the one from the text? Should states or the federal government be given more responsibility for poverty programs? What are the implications of placing greater responsibility for these programs on the states? Think about the financing of programs, ...Do you agree that it is possible to overallocate resources to health care, or do you believe that the reasons for a high demand for health care (mentioned in question 4) are appropriate? What is the role of the developed countries in promoting development policies in the developing countries? What are the ways that we as individuals can become involved?
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