This describes the relationship between the price of a good or service and the amount of the good or service that consumers want to purchase.
What is the demand curve?
100
People claim higher education is this, but economists do not.
What is a public good?
100
If family incomes fall by 10% then this would be based on the resulting percentage of students who would no longer be willing and able to go to college.
What is demand elasticity?
100
Human Capital Theory suggests this is like investing in the stock market.
What is going to college?
100
She teaches our Higher Education Finance Seminar.
Who is Joni Finney.
200
Representation of the relationship between the price of a good or service and the quantity supplied for a given period of time.
What is the supply curve?
200
Not be be confused with public good; the use of higher education creates benefits for others not involved in the trade.
What are positive externalities?
200
The sensitivity of quantity demanded to changes in the price of the good or service.
What is own price elasticity of demand?
200
This and Human Capital Theory predict that there is a positive connection between a person's quantity and quality of education and their earnings in labor markets.
What is signaling theory?
200
This is the mascot of the University of Pennsylvania.
What is the Penn Quaker?
300
As price goes up quantity goes down.
What is the law of demand?
300
Regardless of individual benefit, instances or conditions when the private market alone may not lead to the optimum allocation of resources from society's point of view.
What is market failure?
300
When a 1% change in price leads to a more than 1% change in quantity supplied, indicating that supply is very sensitive to price changes.
What is own price elasticity of supply?
300
One of two economists that are credited for popularizing the term - Human Capital Theory.
Who are Gary Becker and Jacob Mincer?
300
Red and Blue
What are Penn's colors?
400
As price goes up, a larger quantity is supplied.
What is the law of supply?
400
What an economist would classify as the subsidy for a public college or university that lowers tuition price for all.
What is a uniform subsidy?
400
If the University of Auburn and Alabama are the same, and Auburn raises its price, this tells us that it should lead to increases in the demand for Alabama.
What is cross price elasticity?
400
Viewing higher education as an investment, students and parents want to know the size of this. Capelli thinks their effort is a waste of time.
What is return on investment?
400
Famous founder of the University of Pennsylvania.
Who is Benjamin Franklin?
500
Adam Smith's "invisible hand" moves price and quantity to this.
What is equilibrium?
500
What economists classify as income based student aid.
What is a non-uniform subsidy?
500
This helps policy makers understand the magnitude of effect of a tax break for families who have college attending children.
What is income elasticity of demand?
500
This is the measure of one's own unique preferences for things. It explains why some students may rationally choose not to go to college, or choose a major which the projected financial benefits to them might exceed the costs.