Wealth is
A) equivalent to saving.
B) another name for income.
C) the same as investment in financial capital.
D) defined as the money in your savings account.
E) the value of all the things that a person owns.
E
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Bid-rigging has all of these features EXCEPT
a. It is a collusive agreement b. The bid-riggers pay a smaller amount than without bid-rigging c. Bid-riggers need an auxiliary mechanism to allocate the good within the bid-riggers d. Bid rigging is usually a legitimate and legal strategy for the buyer-side
An increase in the marginal propensity to consume (MPC) will cause the consumption function to become steeper
a. True b. False Indicate whether the statement is true or false
Explain the practice of resale price maintenance and discuss why it is controversial
A proposal to build a dam on a wild river may look like a good idea from the cost/benefit study done by the Army Corps of Engineers, but an analysis done by the Sierra Club might suggest that the dam would be a complete waste of money. Differences in cost/benefit studies such as this are expected because:
A. at least one side is definitely making mistakes in the analysis. B. items that do not have market prices, such as the environment, are very difficult to value objectively. C. at least one side is trying to deceive the public. D. cost/benefit studies describe what people want to happen, not what will actually happen.