Multiple Choice
Assume tuition at Penn State cost $6,142 (per semester) in 2007 and $7,562 in 2012.If the price index was 207.34 in 2007 and 226 in 2012,then we could say tuition
A) has increased more slowly than inflation.
B) has increased more rapidly than inflation.
C) has increased at about the same rate as inflation.
D) is an inferior good.
E) suffers from menu costs due to inflation.
Correct Answer:
Verified
Correct Answer:
Verified
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