From the 1970s Through the 1990s,the Relative Price of a College

question 134

Multiple Choice

From the 1970s through the 1990s,the relative price of a college education has increased greatly.During the same time period,college enrollment has also increased.This evidence suggests that during this time period

• A) the demand curve for a college education has shifted leftward.
• B) the demand curve for a college education has shifted rightward.
• C) the supply curve for a college education has shifted leftward.
• D) the supply curve for a college education has shifted rightward.

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Definitions:

Account Payable

Liabilities to suppliers or creditors for goods or services received that have not yet been paid for.

Borrowing Money

The act of obtaining funds from a lender under the agreement to pay back the principal amount along with interest or other charges.

Payroll Expense

Payroll expense is the total amount of wages, salaries, and other compensation that a business pays to its employees over a specific period.

Contra Account

A type of account used in accounting to reduce the value of a related account, creating a net balance that reflects the correct value of the asset or liability.