1. List and discuss in detail each of the advantages of a decentralized system versus a decentralized system.
2. List and explain the characteristics of each type and sub-type of grants.
3. List and briefly explain the assumptions of the Tiebout model; discuss the usefulness/purpose of this model as an analytical tool. Assume a school district that is financed through property taxation, and where the same property tax rate is levied. Suppose further that only two schools, A and F, exist in this school district and students attend one of these schools based on the geographical location of their homes. In addition, suppose school A is an exemplary school while F is a failing school. According to the Tiebout model, what would happen to the market value of real estate properties within this school district? Explain in detail.

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