Question 1

The strategy of faculty choosing to stay with an old edition of a book is

Accepted Answer

A) in the best interests of publishers. 
B) in the best interests of authors. 
C) likely to reduce the costs to students. 
D) likely to be replicated by everyone. 
A) in the best interests of publishers. 
B) in the best interests of authors. 
C) likely to reduce the costs to students. 
D) likely to be replicated by everyone. C

Question 2

If a book has a royalty rate of 15%, 10,000 copies are sold to bookstores at $50 each, and the bookstore sells the books to students for $62.50, the author will be paid

Accepted Answer

A) $75,000 (.15*50*10,000). 
B) $125,000 ((62.50-50)*10,000). 
C) $93,750 (.15*62.50*10,000). 
D) nothing. 
A) $75,000 (.15*50*10,000). 
B) $125,000 ((62.50-50)*10,000). 
C) $93,750 (.15*62.50*10,000). 
D) nothing. A

Question 3

From 2007 to 2013 total federal, state, and local appropriations to public institutions of higher education

Accepted Answer

A) increased $230 billion. 
B) increased $47 billion. 
C) remained constant. 
D) decreased $71 billion. 
A) increased $230 billion. 
B) increased $47 billion. 
C) remained constant. 
D) decreased $71 billion. D

Question 4

A physical book that sells new for $200 will typically sell as an e-book for around

Accepted Answer

A) $50. 
B) $100. 
C) $150. 
D) $200. 
A) $50. 
B) $100. 
C) $150. 
D) $200.

Question 5

College textbooks are marketed to faculty for adoption by

Accepted Answer

A) selling it to them for the full price. 
B) selling it to them for half price. 
C) giving it to them free of charge. 
D) paying them money to use the book. 
A) selling it to them for the full price. 
B) selling it to them for half price. 
C) giving it to them free of charge. 
D) paying them money to use the book.

Question 6

Between 1992 and 2012, the percentage of college students receiving federally funded grants

Accepted Answer

A) increased from 8% to 13%. 
B) slowly increased to around 47%. 
C) increased from 58% to 73%. 
D) decreased from 73% to 58%. 
A) increased from 8% to 13%. 
B) slowly increased to around 47%. 
C) increased from 58% to 73%. 
D) decreased from 73% to 58%.

Question 7

From 2007 to 2013 total tuition revenue to public institutions of higher education

Accepted Answer

A) increased 52%. 
B) increased 26%. 
C) remained constant. 
D) decreased 15%. 
A) increased 52%. 
B) increased 26%. 
C) remained constant. 
D) decreased 15%.

Question 8

A physical book that sells new for $200 will rent for around

Accepted Answer

A) $50. 
B) $100. 
C) $150. 
D) $200. 
A) $50. 
B) $100. 
C) $150. 
D) $200.

Question 9

To compare the costs of a college education a wise student, when choosing between an expensive school with a high expected income and a less expensive school with a lower expected income would use the concept of

Accepted Answer

A) actual costs and benefits. 
B) present value. 
C) enumerated costs and benefits. 
D) plausible deniability. 
A) actual costs and benefits. 
B) present value. 
C) enumerated costs and benefits. 
D) plausible deniability.

Question 10

A physical book that sells new for $125 will rent for around

Accepted Answer

A) $50. 
B) $62.50. 
C) $75. 
D) $100. 
A) $50. 
B) $62.50. 
C) $75. 
D) $100.

Question 11

A book that sells new for $125 will typically be sold back to the bookstore "used" for

Accepted Answer

A) $26.50. 
B) $48.75. 
C) $62.50. 
D) $100. 
A) $26.50. 
B) $48.75. 
C) $62.50. 
D) $100.

Question 12

In the 1990s President Clinton worked for

Accepted Answer

A) the creation of the Pell Grant. 
B) the GI Bill. 
C) the introduction of student loans. 
D) tax credits and deductions for education. 
A) the creation of the Pell Grant. 
B) the GI Bill. 
C) the introduction of student loans. 
D) tax credits and deductions for education.

Question 13

If a college textbook costs $80 (for a new book)at a college bookstore, it probably cost the bookstore

Accepted Answer

A) $100. 
B) $80. 
C) $60. 
D) $40. 
A) $100. 
B) $80. 
C) $60. 
D) $40.

Question 14

From 1995 to 2013 total revenues public institutions

Accepted Answer

A) increased $230 billion. 
B) increased $47 billion. 
C) remained constant. 
D) decreased. 
A) increased $230 billion. 
B) increased $47 billion. 
C) remained constant. 
D) decreased.

Question 15

Since 1960 the percentage of the population with a college degree has increased from __ to __.

Accepted Answer

A) less than 10%; near 35% 
B) around 20%; near 85% 
C) less than 2%; near 50% 
D) near 40%; near 50% 
A) less than 10%; near 35% 
B) around 20%; near 85% 
C) less than 2%; near 50% 
D) near 40%; near 50%

Question 16

A physical book that sells new for $125 will typically sell as an e-book for around

Accepted Answer

A) $50. 
B) $62.50. 
C) $75. 
D) $100. 
A) $50. 
B) $62.50. 
C) $75. 
D) $100.

Question 17

If e-books begin to be the most popular form of textbooks, it is

Accepted Answer

A) the worst possible outcome for publishers and authors. 
B) in the best interests of internet book sellers. 
C) likely to increase costs to students. 
D) likely to damage the physical used book market. 
A) the worst possible outcome for publishers and authors. 
B) in the best interests of internet book sellers. 
C) likely to increase costs to students. 
D) likely to damage the physical used book market.

Question 18

One feature of the new textbook market is that publishers face ____ fixed costs and ____ variable costs.

Accepted Answer

A) high; high 
B) high; low 
C) low; high 
D) low; low 
A) high; high 
B) high; low 
C) low; high 
D) low; low

Question 19

College calculus textbooks change from edition to edition because

Accepted Answer

A) even elementary calculus is an ever-changing discipline. 
B) recent discoveries challenge the legitimacy of Newton's methods. 
C) it's the only way for the publisher and author to make money. 
D) faculty demand it. 
A) even elementary calculus is an ever-changing discipline. 
B) recent discoveries challenge the legitimacy of Newton's methods. 
C) it's the only way for the publisher and author to make money. 
D) faculty demand it.

Question 20

To a prospective full-time college student, the cost of a college education reflects the cost of

Accepted Answer

A) tuition. 
B) tuition and fees. 
C) tuition, fees, books and supplies. 
D) tuition, fees, books and supplies plus any income foregone while in school. 
A) tuition. 
B) tuition and fees. 
C) tuition, fees, books and supplies. 
D) tuition, fees, books and supplies plus any income foregone while in school.

Exam 37: Economics of College and University Education

The strategy of faculty choosing to stay with an old edition of a book is

If a book has a royalty rate of 15%, 10,000 copies are sold to bookstores at $50 each, and the bookstore sells the books to students for $62.50, the author will be paid

From 2007 to 2013 total federal, state, and local appropriations to public institutions of higher education

A physical book that sells new for $200 will typically sell as an e-book for around

College textbooks are marketed to faculty for adoption by

Between 1992 and 2012, the percentage of college students receiving federally funded grants

From 2007 to 2013 total tuition revenue to public institutions of higher education

A physical book that sells new for $200 will rent for around

To compare the costs of a college education a wise student, when choosing between an expensive school with a high expected income and a less expensive school with a lower expected income would use the concept of

A physical book that sells new for $125 will rent for around

A book that sells new for $125 will typically be sold back to the bookstore "used" for

In the 1990s President Clinton worked for

If a college textbook costs $80 (for a new book)at a college bookstore, it probably cost the bookstore

From 1995 to 2013 total revenues public institutions

Since 1960 the percentage of the population with a college degree has increased from __ to __.

A physical book that sells new for $125 will typically sell as an e-book for around

If e-books begin to be the most popular form of textbooks, it is

One feature of the new textbook market is that publishers face ____ fixed costs and ____ variable costs.

College calculus textbooks change from edition to edition because

To a prospective full-time college student, the cost of a college education reflects the cost of

Economics: the Study of Opportunity Cost

Supply and Demand

The Concept of Elasticity and Consumer and Producer Surplus

Firm Production, Cost, and Revenue

Perfect Competition, Monopoly, and Economic Versus Normal Profit

Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, Depression

Interest Rates and Present Value

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Policy

Federal Spending

Federal Deficits, Surpluses, and the National Debt

The Housing Bubble

The Recession of 2007-2009: Causes and Policy Responses

Is Economic Stagnation the New Normal

Is the Fiscalsky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension Liabilities

International Trade: Does It Jeopardize American Jobs

International Finance and Exchange Rates

The European Debt Crisis

Economic Growth and Development

Nafta, Gatt, Wto: Are Trade Agreements Good for Us

The Line Between Legal and Illegal Goods

Natural Resources, the Environment, and Climate Change

Health Care

Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program

The Economics of Prescription Drugs

So You Want to Be a Lawyer: Economics and the Law

The Economics of Crime

Antitrust

The Economics of Race and Discrimination

Income and Wealth Inequality

Farm Policy

Minimum Wage

Ticket Brokers and Ticket Scalping

Rent Control

Economics of K-12 Education

Poverty and Welfare

Head Start

Social Security

Personal Income Taxes

Energy Prices

If We Build It, Will They Come and Other Sports Questions

The Stock Market Crashes

Unions

Walmart: Always Low Prices and Low Wages- Always

The Economic Impact of Casino Gambling

The Economics of Terrorism

Filters

Since 1960 the percentage of the population with a college degree has increased from to .

One feature of the new textbook market is that publishers face fixed costs and variable costs.