Question

When we say "all other things equal" with regard to demand and supply, we mean that:

Select one:

a. the market is at equilibrium.

b. only one curve at a time can shift.

c. factors other than price that could affect quantity demanded or supplied do not change.

d. there is neither a surplus nor a shortage in the market.

John lives at home and is a freshman in junior college. He quit a job that would have paid him $9,000 for the school year in order to attend full time. His tuition and fees were $2,000, and his books cost $1,000. What did his first year of school cost?

Select one:

a. $6,000.

b. $12,000.

c. none of the above.

d. $3,000.

A tax rate is defined as the:

Select one:

a. value of income, earnings, property, sales, or other variables that are taxed.

b. percentage of people in the country who pay taxes.

c. amount of income a person must have in order to be taxed.

d. percentage of the tax base that must be paid to the government as tax.

Proposals to charge higher tuition for more popular college majors are based on the argument that

Select one:

a. all of the above.

b. the higher tuition would allow the school to hire more teachers and offer more sections of courses in those majors.

c. some students would switch to other, less popular, majors rather than paying higher tuition.

Two reasons that the environmental movement developed in modern, industrialized countries are that

Select one:

a. This was not discussed in the text.

b. increased population has stressed the environment, and people in the U)S) have greatly decreased their consumption of goods as a result.

c. pollution control is a luxury good, and the type of pollutants we have in modern times are more toxic than pollutants used to be.

d. there was no pollution prior to the 1900s.

An example of a spillover benefit derives from

Select one:

a. your education.

b. All of the above.

c. education tuition provided by employers.

d. childhood vaccinations.

Answer 1

1 The correct answer is C) factors other than the price that could affect quantity Demanded and supplied do not change.

Because when we talk about the law of Demand we say that there is inverse relation between the price and quantity, and all other things remain constant/equal. It means Change in price of commodity causes to change in the quantity Demanded.

2. The correct answer is a) $3000

Because first year school = tution fee + book cost = 2000+1000 = $3000.

3. The correct answer is D) percentage of the tax base that must be paid to the government as a tax.

Because tax base is the amount at which the tax rate is applied.

4. The correct answer is all the above.

Because both argument has a possibility, as higher tution fee causes to higher more teacher as well as some students switch to other.