The demand to attend a certain college is represented by a downward-sloping demand curve. The supply of spots at the college is represented by a vertical supply curve. At the tuition that students are charged, there is a shortage of spots at the college. If the demand to attend the college rises, but the tuition stays constant, it follows that the
A) GPA required to attend the college will probably rise.
B) GPA required to attend the college will probably fall.
C) SAT score required to attend the college will probably not change.
D) a and c
E) There is not enough information to answer this question.
A
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In the figure above, an increase in income would result in the budget line
A) making a parallel shift toward point a. B) making a parallel shift toward point c. C) becoming flatter. D) becoming steeper.
The allocatively efficient amount of pollution prevention would occur when
a. the total social benefits of pollution prevention equals the total social costs of pollution prevention b. the total social costs of pollution prevention are minimized c. the marginal social benefits of pollution prevention equals the marginal social costs of pollution prevention d. none of the above
Liberals tend to favor increasing taxes as the method of counteracting inflation.
Answer the following statement true (T) or false (F)
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.