A contraction is associated with a negative rate of growth of the economy.
Answer the following statement true (T) or false (F)
True
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In an auction where the bidders values are $740, $700, $660, $650, $400, $325 and $300, the highest three bidders decide to form a bid-rigging cartel. What would the winning bid have been without the cartel?
a. $741 b. $701 c. $661 d. $631
Sticky nominal wages can result in
a. lower profits for firms when the price level is lower than expected. b. a decrease in real wages when the price level is lower than expected. c. a short-run aggregate-supply curve that is vertical. d. a long-run aggregate-supply curve that is upward-sloping.
Refer to the accompanying table below. According to the Cost-Benefit Principle, how many units of this activity should be carried out?Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. 4 B. 5 C. 2 D. 3
What are the net costs of tariffs and quotas on consumption and income distribution?
What will be an ideal response?