In 2007, Directors of Financial Aid at the University of Texas

question 43

Multiple Choice

In 2007, directors of financial aid at the University of Texas at Austin and the University of Southern California were found to:

• A) be giving students misleading financial information
• B) be using unfair bait and switch tactics
• C) hold shares in student loan companies which students were referred to
• D) have directed students to fraudulent loan companies

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Definitions:

Market Wage

The prevailing wage rate in a labor market for a given skill set, determined by supply and demand forces.

Output Price

The market price at which a final good or service is sold, affecting a firm’s revenue and production decisions.

Labor Demand

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.

Technological Advance

Improvements or innovations in technology that enhance productivity or efficiency in production processes.