The Night Before Enrollment Was to Open for the University

question 50

Multiple Choice

The night before enrollment was to open for the University of Johannesburg a line of people more than a mile long formed outside the gates. When the gates opened, a stampede started, and a woman lost her life in her attempt to secure her son a spot at the university and a chance for a better life. The allocation of resources in this case was made using

• A) market price.
• B) auction.
• C) first-come, first-served.
• D) lottery.

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Definitions:

Monetary Policies

Government or central bank policies aimed at controlling the money supply and interest rates to influence economic activity.

Money Supply

The sum total of all assets in the form of money within an economy at a specific instance, including all forms of cash, coinage, and the funds kept in both savings and current accounts.

Purchasing Power Parity

A theory in economics that compares different countries' currencies through a "basket of goods" approach, aiming to determine the relative value of two currencies.

Exchange Rate

The value of one currency for the purpose of conversion to another, determining how much of currency A is needed to purchase a unit of currency B.