From 1970 to 2010, the real price of a college education increased, and total enrollment increased. Which of the following could have caused this increase in price and enrollment?
A) A shift to the right in the supply curve for college education and a shift to the left in the demand curve for college education.
B) A shift to the left in the supply curve for college education and a shift to the right in the demand curve for college education.
C) A shift to the left in the supply curve for college education and a shift to the left in the demand curve for college education.
D) none of the above
B
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The concept of "the invisible hand" suggests that
A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.
Economic growth is enhanced by
A) free international trade. B) limiting international trade so that the domestic economy can prosper. C) discouraging saving, because increased saving means less spending. D) ignoring incentive systems. E) increasing welfare payments to the poor so they can afford to buy goods.
All of the following are conditions which are favorable to the formation of cartels except
A) the existence of a small number of firms. B) geographic proximity of firms. C) homogeneity of the product. D) easy entry into the industry.
The arrival of Michael Jordan, Larry Bird, and Magic Johnson in the 1980s increased the popularity of pro basketball. This led to
a. an increase in the equilibrium quantity of professional basketball b. a decrease in the equilibrium quantity of professional basketball c. a decrease in the price of professional basketball tickets d. a decrease in pro basketball players' salaries e. an increase in the price of professional basketball tickets but no change in game attendance