A Dutch auction is a(n) ________-bid auction in which participants ________ observe each participant's bids.
A) descending; do not
B) ascending; do not
C) descending; do
D) ascending; do
A) descending; do not
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Moving along the production possibilities frontier itself illustrates
A) the existence of tradeoffs. B) the existence of unemployment of some factors of production. C) the benefits of free lunches. D) how free lunches can be exploited through trade. E) how tradeoffs need not occur if the economy is efficient.
The primary source of revenue for local governments is the property tax
a. True b. False
Education is
A. generally financed at the state and local level. B. too expensive for the federal government. C. generally financed at the federal level. D. financed on a voluntary basis.
The law of increasing opportunity costs is a result of the fact that:
A) the value of the dollar has declined over time. B) wage rates rise as the economy reaches full employment. C) consumers tend to value a good more when they don't have much of it. D) resources are not equally productive in all output categories.