A Dutch auction is a(n) ________
A) sealed-bid first-price auction
B) sealed-bid second-price auction
C) penny auction
D) open outcry auction
D
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The global economy enters a recession, thereby decreasing the level of U.S. exports. If the aggregate supply curve does not shift, then aggregate demand will ________, real GDP will ________, and the price level will ________
A) increase; increase; remain the same B) increase; remain the same; increase C) decrease; increase; increase D) decrease; decrease; decrease E) remain the same; increase; increase
Import restrictions
A) can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. B) can protect United States jobs in the protected industry but will also lead to job reductions in other export industries. C) hurt people who work in importing companies, but makes consumers better off. D) cannot protect American jobs in any sector of the economy.
One way to reduce pressure for Mexicans to cross the U.S. border illegally is to create job opportunities in Mexico
a. True b. False
A decrease in the price level causes a lower equilibrium quantity demanded
a. True b. False Indicate whether the statement is true or false