Over the past 100 years, real GDP has increased at an annual average of about
A) 10%
B) 6%
C) 3%
D) 1%
Answer: C) 3%
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When a(n) ________ in investment increases consumption and real GDP, part of the increase in expenditure is on ________, not ________ goods and services
A) increase; exports; U.S.-produced B) decrease; exports ; U.S.-produced C) increase; imports; U.S.-produced D) increase; imports; foreign-produced E) decrease; imports; U.S.-produced
Appendix: In Dutch auctions, the bidding
a. starts low and rises until the highest bidder wins. b. is done in secret "sealed bids" which are opened at a specified time. c. begins with a very high price, and is reduced until the first person takes it. d. is accomplished by giving the price of the second highest bid to the highest bidder.
At the twenty-fifth anniversary of the Woodstock Festival in 1994, there were many vendors who sold tie-dyed t-shirts. No matter where one went, each vendor was selling these t-shirts for $15 a piece. Which market structure model would best characterize such a situation?
a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly e. Monopsony
If banks engage in fractional reserve banking, it means that
A. they hold less than 100 percent of their deposits as reserves. B. they never run short of currency. C. a fraction of their legal reserves are held as top-grade government securities. D. they do not hold any excess reserves.