Provision of higher education is costly. At the tertiary level, specialised knowledge is required to prepare students for different careers. Higher education institutions have to compete with industry to employ suitable teaching and research personnel, and staff salaries constitute a large part of their total expense accounts." When institutions are deciding on how to finance all their academic activities, they are effectively… a) dealing with the problem of scarcity. b) dealing with opportunity cost. c) dealing with shortages. d) dealing with limited wants.

Provision of higher education is costly. At the tertiary level, specialised knowledge is required to prepare students for different careers. Higher education institutions have to compete with industry to employ suitable teaching and research personnel, and staff salaries constitute a large part of their total expense accounts." When institutions are deciding on how to finance all their academic activities, they are effectively… a) dealing with the problem of scarcity. b) dealing with opportunity cost. c) dealing with shortages. d) dealing with limited wants.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 8SQP

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