A point inside the utility possibility frontier is:
A. inefficient.
B. impossible.
C. efficient.
D. desirable.
A. inefficient.
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Colleges offer tuition scholarships even when they are running budget deficits because colleges
A) are public service institutions. B) can often earn additional net income by offering tuition scholarships. C) hope to receive contributions later from the recipients of scholarships. D) set tuition levels and establish scholarship policies without considering the monetary advantages.
If a good is price inelastic, a decrease in price will:
A) decrease total revenue. B) increase total revenue. C) not affect income. D) none of the above.
Sellers respond to a shortage by cutting their prices
a. True b. False Indicate whether the statement is true or false
In a ________, the amount of output that any one household gets depends on its income and wealth.
A. socialist economy B. command system C. free-market system D. Marxist economy