Assume Tuition at the University of Virginia Cost $2,962 (Per

question 82

Multiple Choice

Assume tuition at the University of Virginia cost $2,962 (per semester) in 2004 and $11,584 in 2012.If the price index was 184 in 2004 and 226 in 2012,then we could say

• A) tuition has increased more slowly than inflation.
• B) tuition has increased much more rapidly than inflation.
• C) tuition has increased at about the same rate as inflation.
• D) nominal tuition has decreased.
• E) tuition suffers from menu costs due to inflation.

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Definitions:

Disbelief

A mental state in which a person refuses to accept or is unable to believe in something as true.

Answering Machine

A device connected to a telephone to record messages when no one is available to answer the phone.

Office Closed

Indicates that a business or professional office is not open for operations or public access.

Phone Tone

The sound generated by a telephone to indicate an incoming call or text message, or the tones used in touch-tone dialing.