When actual output is less than potential output there is a(n):
A. trade deficit.
B. budget deficit.
C. recessionary gap.
D. budget surplus.
Answer: C
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Which of the following is a difference between a second-price sealed-bid auction and an English auction?
A) The highest bidder wins in a second-price sealed-bid auction while the second-highest bidder wins in an English auction. B) The second-highest bidder wins in a second-price sealed-bid auction while the highest bidder wins in an English auction. C) Bids are placed privately in a second-price sealed-bid auction while bids are placed publicly in an English auction. D) Bids are placed one after another in a second-price sealed-bid auction while bids are placed simultaneously in an English auction.
The process a firm uses to turn inputs into outputs of goods and services is called technology
Indicate whether the statement is true or false
Two firms sell 100% orange juice in 10 ounce bottles. The juice is only good for one week. The two firms have contracts for all the oranges produced in a large geographic area. Each firm decides how many bottles of juice to produce at the same time
This market is best described with a A) Bertrand model. B) Stackelberg model. C) monopolistic competition model. D) Cournot model.
Which of the following factors has the most quantitative importance on the oversimplified multiplier formula?
a. it ignores variable imports b. it ignores price-level changes c. it ignores income taxes d. All of these equally affect the oversimplified multiplier formula