The ability of an individual to own and exercise control over scarce resources is called

If a the price index was 60 in 2000 and the price index was 90 in 2009, the best estimate of the annual inflation rate between 1998 and 1999 is:

a. 15%. b. 40%. c. 50%. d. 90%. e. 7/5.

Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance revenue, it is

a. ignoring the law of demand. b. assuming that the demand for university education is elastic. c. assuming that the demand for university education is inelastic. d. assuming that the supply of university education is elastic.