Data from the registrar's office at Gigantic State University indicate that over the past 20 years tuition and enrollment have both increased. From this information we can conclude that:
A. higher education is an exception to the law of demand.
B. the supply of education provided by GSU has also increased over the 20-year period.
C. school-age population, incomes, and preferences for education have changed over the 20-
year period.
D. GSU's supply curve of education is downsloping.
Answer: C
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A) may or may not improve welfare in both countries. B) will unambiguously improves welfare in both countries. C) will unambiguously worsens welfare in both countries. D) will unambiguously worsen welfare in the exporting country and improve welfare in the importing country. E) will unambiguously improve welfare in the exporting country and worsen welfare in the importing country.
In Milton Friedman and Edmund Phelps' expectations-augmented Phillips curve, ________
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Income taxes tend to be favored over sales taxes _____
a. because of the excess burden on income taxes b. on the benefit principle c. on equity grounds d. as long as income as defined using the Haig-Simons definition
Which of the following compose the M2 money supply?
a. currency only b. currency, demand deposits, other checkable deposits, and traveler's checks c. M1 plus large denomination time deposits and Eurodollar deposits d. M1 plus savings deposits, small-denomination time deposits, and money market mutual funds (retail)