The tax cuts of 2008 and 2009 reduced the disposable income of U.S. consumers.

Under a production quota policy, the government can maintain a particular support price by reducing the quantity supplied. To maintain a particular support price, how must the quota amount change if the demand curve becomes more elastic?

A) Quota amount increases B) Quota amount decreases C) Quota amount does not change D) Quota amount depends on the supply curve

The opportunity cost of attending college for one year is best measured by the:

A. benefit received by the student. B. tuition paid for the year. C. total money expenses associated with attending college. D. value of the next-best activity forgone by attending college.