Test 1 Part 2

Test 1 Part 2 - Test 1 Part 2 Joe Miller Econ 111 Section...

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Test 1 Part 2 Joe Miller Econ 111 Section 06A 11:20 October 17, 2011 1. Questions about the article from the New York Times: a. How effective would markets be in eliminating the problem of income inequality as discussed in the above article? - A market is defined as a place where sellers exchange goods and services for money from buyers; this could potentially apply to the income inequality example from the New York Times. Supply and demand is what drives markets and as stated in the article when the supply of additional higher education becomes available, the demand for education also shifts and returns in the range of 10 to 14 percent per year of college. However, to expect markets to attain a sudden increase in the availability of higher education is not probable. Markets cannot help lower education prepare people better for higher education because they really have no say in this. If schools operated on a supply and demand model our education system would be much different and you would see extreme competition and it
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This note was uploaded on 02/14/2012 for the course ECON 111 taught by Professor Lin during the Spring '11 term at Notre Dame.

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Test 1 Part 2 - Test 1 Part 2 Joe Miller Econ 111 Section...

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