The president of a college has been told that when they raised their tuition by 15 percent the previous year, total revenue from tuition remained unchanged. Assuming the change in revenue is due to the change in tuition only, the president could conclude that demand for that college, over that tuition range, must be:
A. greater than 1.
B. equal to zero.
C. equal to 1.
D. less than 1.
Answer: C
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In the first quarter of 2009, the United States trade deficit fell to its lowest level in a decade. This means that
A) the United States imported more from the rest of the world than it exported to the rest of the world. B) foreign countries exported more to the United States than they imported from the rest of the world. C) foreign countries imported more from the United States than they exported to the United States. D) the United States exported more to foreign countries than it imported from the rest of the world.
Which of the following economies is an example of a mixed system?
a. The United Kingdom b. Sweden c. The United States d. All of the answers are correct.
A swing at a popular, unfenced public park is:
A. a collective good. B. a pure public good. C. nonrival. D. nonexcludable.
Suppose 40 percent of all potential workers are highly skilled and contribute $50,000 to the firm each year. The remaining 60 percent of potential workers are less-skilled and contribute only $30,000 to the firm each year. Schooling costs a highly skilled worker y per year, while it costs a less-skilled worker 2y per year. What range of y will support a signaling equilibrium?
A. $0 < y < $50,000 B. $5,000 < y < $20,000 C. $10,000 < y < $20,000 D. $5,000 < y < $10,000 E. $20,000 < y < $50,000