In 1975 Tuition at Wattsomata University Was $2,500 and the Consumer

question 88

Multiple Choice

In 1975 tuition at Wattsomata University was $2,500 and the consumer price index was 80.In 2011 tuition was $12,000 and the price index was 320.Which of the following is correct?

• A)Nominal and real tuition were both higher in 1975.
• B)Nominal and real tuition were both higher in 2011.
• C)Nominal tuition was higher in 1975,real tuition was higher in 2011.
• D)Nominal tuition was higher in 2011,real tuition was higher in 1975.

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Definitions:

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Moral Obligation

A commitment or duty to act in a morally sound manner, often beyond legal requirements, guided by personal ethics or conscience.

Income Redistribution

The process of reallocating income through taxation, welfare policies, or other government programs to reduce income inequality.

Utilitarian Justice

A theory in ethics and economics that suggests actions should be judged as morally right if they result in the greatest good for the greatest number of people.