Concerning auctions, what is the definition of a "common-values setting"?
a. Bids are submitted using open outcries.
b. Bids are submitted simultaneously, and the highest is selected as the winner.
c. Bidders value the object the same, but are uncertain as to what that value is.
d. Bids are submitted by syndicates of cooperating bidders.
c
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Refer to Figure 9-2. The tariff revenue collected by the government equals the area
A) D + E + F. B) B + D + E + F. C) E. D) C + D + E + F.
Private saving is defined as
A) private disposable income minus consumption. B) net national product minus consumption. C) private disposable income minus consumption plus interest. D) private disposable income minus consumption plus interest plus transfer payments.
Full employment is considered a major economic goal because: a. specialization is not possible without full employment
b. economic growth can only occur when there is full employment. c. the opportunity cost of unemployment is lost production. d. profit maximization of firms can only occur when there is full employment. e. inflation will be lower when full employment is achieved.
Saving is disposable personal income not spent on consumption
a. True b. False Indicate whether the statement is true or false