Assume Tuition at Penn State Cost $6,142 (Per Semester)in 2007

question 98

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.

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