From 2007 to 2013, total tuition revenue to public institutions of higher education
A. decreased 15%.
B. increased 26%.
C. increased 52%.
D. remained constant.
Answer: B
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Eliza consumes 12 cappuccinos and 8 apple turnovers per week. The price of a cappuccino is $4 each and apple turnovers are $1 each
a. What is the amount of income allocated to cappuccino and apple turnover consumption? b. What is the price ratio (the price of cappuccinos relative to the price of apple turnovers)? c. Explain the meaning of the price ratio you computed. d. If Eliza maximize utility, what is the ratio of the marginal utility of cappuccinos to the marginal utility of apple turnovers? e. If the price of apple turnovers falls, will Eliza consume more apple turnovers, fewer apple turnovers, or the same amount of apple turnovers? Explain your answer using the rule of equal marginal utility per dollar.
If workers and firms expect that inflation will be 5 percent next year, and real wages are not changing over time, by how much will nominal wages increase?
A) less than 5 percent B) more than 5 percent C) 5 percent D) depends on actual inflation for next year
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $12; AVC = $10; MC = $15; MR = $13. The firm should
A) decrease output. B) increase output. C) increase price. D) change nothing.
If the marginal-cost curve is rising, then so is the average-total-cost curve
a. True b. False Indicate whether the statement is true or false