Sample Questions For Economics of Education

ead the questions below and circle if the answer is true or false.
1. Economics is the study and of choice. Concerned with the manner in
which wants and desires of people are converted into a limited number of
material goods and services through the judicious use of scarce productive
resources.
2. Political economy is a social science that studies production, trade, and
their relationship with the law and the government.
3. Free good: is a good that is scarce and is capable of being apportioned or
economized, such as education.
4. Education must be brought under economic tools of analysis in just the
same way economic tools of analysis are applied to energy, transport,
agriculture and other sectors.
5. Economics of Education Is the study of how best we choose to produce, to
distribute and to utilize the scares resources to meet educational goals.
6. When the educational experience is valued as an end itself, in which case
the resulting quality in the learner is regarded as the end product.
7. Education is seen as an act of preparing the learner at the present
moment by having him/her undergo the designed instructional process so
that the resulting qualities are employed for future purposes. Such an act
is known as consumption in education.
8. Knowledge in a person is like the capital stock of a firm, or of a nation.
9. Human capital, sometimes referred to as intellectual capital ,
is considered an intangible asset.
10. Human capital is the economic value of the abilities and qualities of labor
that influence productivity.
11. Within business, two types of Knowledge are usually defined, namely
explicit and tacit knowledge .tacit knowledge refers to

Justify the Inclusion
of Economics of
Education as Post
Graduate Course in
University of Port
Harcourt
ANSWER
It is pertinent to know
the definition of
economics of
education before
justifying its inclusion
as post graduate
course
in University of Port
Harcourt.
Economics as a social
science studies
human behaviour as
a
relationship between
ends and scare
means which have
alternative uses,
according to Lionel
Robins in Ande,
(2006).
Education on the
other hand can be
conceived as passing
of
knowledge, movies
and customs from
one generation to
another.
Education is not
limited to structured
curriculum alone,
which is formally
taught, but also all
values and training
acquired
outside the four walls
of classrooms. This is
one of the reasons
why Josephine Ebong
Ebong (2006) opined
that one starts
learning from when
he or she is born until
death. Learning here
is a subset of
education.
Economics of
education was
described by Ebong
(2006) as a
discipline that seeks
fundamentally to
relate costing of
education
to its financial and
material resources
and needs.
Economics of
education may also
be defined as
application
of economic
principles of efficient
and effective
allocation of scarce
resources to solving
educational problem
with a view to
providin
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1. Justify the Inclusion of Economics of Education as PostGraduate Course in University of Port

HarcourtANSWER It is pertinent to know the definition of economics ofeducation before justifying its
inclusion as post graduate coursein University of Port Harcourt.Economics as a social science studies
human behaviour as arelationship between ends and scare means which havealternative uses, according
to Lionel Robins in Ande, (2006).Education on the other hand can be conceived as passing ofknowledge,
movies and customs from one generation to another.Education is not limited to structured curriculum
alone,which is formally taught, but also all values and training acquiredoutside the four walls of
classrooms. This is one of the reasonswhy Josephine Ebong Ebong (2006) opined that one startslearning
from when he or she is born until death. Learning hereis a subset of education.Economics of education
was described by Ebong (2006) as adiscipline that seeks fundamentally to relate costing of educationto
its financial and material resources and needs.Economics of education may also be defined as
applicationof economic principles of efficient and effective allocation of scarceresources to solving
educational problem with a view to providing
Economics of education promotes growth anddevelopment as no individual, firm or nation wants to
bestagnant. The application of several economics theories ineducation makes economic growth and
development feasible.2. Economics of education entails identification ofproblems which include
manpower problem. In order t
The high demand for university education has likenedthe university to market placeWhat on your
opinion are the factors responsible for this situation?(b) Suggest the necessary strategies to redress
theeducation supply gap
The mounting educational aspirations of parents and theirchildren(2) The faith placed on education as a
catalyst in over allnational development cum the democratic values in thepolitical power drama.(3) The
boom in the number of school age segment of thepopulation
Quest to acquire higher qualification for both consumptionand investment motive.
What is the meaning of cost –benefit analysis? Discuss its purpose and problems
Explain the meaning, scope and importance of economics of education. Why is education considered an
industry?
Education is the main determinant of economic growth. Discuss . state and explain tangible and
intangible benefits of education
What are the reasons that explain the demand for education?
Human capital theory. Implications. Consumption theory. Theory of signaling. The intergenerational
transmission of inequality.
Empirical implications of demand models. Determinants of demand: the importance of socioeconomic

background and the effects of unemployment.
3 .- Economic returns to education

What are the earnings premiums (if any) from education?
Mincer wage equation. Estimation of the returns: methods, main findings in the empirical literature,
limitations (biases), possible solutions. Effect on the probability of unemployment. Applications. Are
there too many university graduates (over-education)?

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ead the questions below and circle if the answer is true or false.

1. Economics is the study and of choice. Concerned with the manner in

2. Political economy is a social science that studies production, trade, and

their relationship with the law and the government.

3. Free good: is a good that is scarce and is capable of being apportioned or

economized, such as education.

4. Education must be brought under economic tools of analysis in just the

same way economic tools of analysis are applied to energy, transport,

agriculture and other sectors.

5. Economics of Education Is the study of how best we choose to produce, to

distribute and to utilize the scares resources to meet educational goals.

6. When the educational experience is valued as an end itself, in which case

the resulting quality in the learner is regarded as the end product.

7. Education is seen as an act of preparing the learner at the present

moment by having him/her undergo the designed instructional process so

is known as consumption in education.

8. Knowledge in a person is like the capital stock of a firm, or of a nation.

9. Human capital, sometimes referred to as intellectual capital ,

is considered an intangible asset.

that influence productivity.

explicit and tacit knowledge .tacit knowledge refers to

1. Justify the Inclusion of Economics of Education as PostGraduate Course in University of Port

Quest to acquire higher qualification for both consumptionand investment motive.

Empirical implications of demand models. Determinants of demand: the importance of socioeconomic

3 .- Economic returns to education

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