More bidders would tend to increase the selling price at an oral auction if
a. bidders bid less aggressively
b. the true value of the winner is higher
c. the true values of the losers is higher
d. Both A&C
c
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Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in ________ in the price received and kept by sellers and a ________ in the price paid by buyers
A) a rise; rise B) a rise; fall C) a fall; rise D) a fall; fall E) no change; rise
The difference between nominal GDP and real GDP is
A) the indirect taxes used in their calculations. B) the prices used in their calculations. C) that nominal GDP includes the depreciation of capital and real GDP does not. D) that nominal GDP includes net exports of goods and services and real GDP includes net imports. E) that real GDP includes the depreciation of capital and nominal GDP does not.
As welfare rolls declined during the late 1990s and early 2000s,
a. states with aggressive work requirements found that their federal grants also declined b. states with aggressive work requirements were rewarded with larger federal grants c. few welfare recipients were able to find jobs d. there was a significant increase in welfare spending per recipient e. states cut back on their provision of services such as job placement and child care
After 1945, the national debt as a percent of GDP:
a. decreased slightly. b. decreased substantially. c. remained about the same. d. increased slightly. e. increased substantially.