Overbidding in a second-price sealed-bid auction is likely to result in a ________
A) negative consumer surplus
B) positive consumer surplus
C) zero producer surplus
D) negative producer surplus
A
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Which of the following variables can be used to measure labor productivity?
A) real GDP B) number of labor hours C) number of workers D) all of the above
Crowding out occurs
a. when an increase in government spending crowds out tax revenues. b. when an increase in government spending increases investment spending. c. when an increase in government spending crowds out bonds. d. when an increase in government spending crowds out other types of spending. e. when an increase in government spending crowds out the money supply.
All possible combinations of goods and services that can be produced given a countries resources assumes:
What will be an ideal response?
As growth progresses and countries become richer, pollution
A. rises exponentially. B. tends to fall. C. rarely changes. D. levels double.