Typically, the major cost of a college education is
A) tuition.
B) books.
C) foregone income.
D) housing.
Answer: C
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State legislators who wanted to eliminate state regulation of the trucking industry would be most likely to find support among
A) business owners who must pay higher prices for deliveries as a result of the regulations. B) owners and managers of large trucking concerns. C) owners of small trucking concerns. D) unions that represent truck drivers.
Depicts a demand curve with a price elasticity that is
a. perfectly elastic, implying that consumers will purchase as much as can be supplied at the market price.
b. relatively inelastic, implying that a percent increase in price results in a smaller percent reduction in sales.
c. unitary, implying that a percent change in price leads to an equal percent change in quantity demanded.
d. perfectly inelastic, implying that the same amount will be purchased regardless of the price of the good.
The federal government receives more money from ________ than from any other source.
A. individual income taxes B. corporate income taxes C. excise taxes D. sales taxes
If a firm is producing an output rate at which marginal cost is equal price, the firm
A) is maximizing profits. B) should increase its output level. C) should reduce its output level. D) will not be covering its fixed cost.