Private and state universities are substitutes. Which of the following would tend to increase the demand for state universities?
A) A fall in private university tuition
B) An increase in private university tuition
C) An increase in interest rates on student loans (a complementary good)
D) Higher dorm fees at state universities
B
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When the price level rises, the long-run aggregate supply curve ________
A) shifts rightward B) does not shift C) slopes upward D) shifts leftward
Which of the following is an automatic stabilizer that moves the federal budget toward deficit during an economic contraction and toward surplus during an economic expansion?
a. Personal income tax revenues. b. Corporate income tax revenues. c. Unemployment benefits. d. All of these.
The balance of payments includes
a. only exports, imports, and service transactions. b. the balance on current account, plus all capital transactions and all official transactions and the statistical discrepancy. c. only the official transactions. d. all goods and services produced in a nation’s economy during a given year.
Why is it that all of our wants cannot be satisfied?
A) because of shortages B) because we cannot seem to decide what we really want C) because other people try to change your mind about what you want D) because limited resources mean all the goods we want cannot be obtained