The local government is holding an auction for a contract to build a new multi-deck parking lot downtown. If the government has a policy to release its own cost estimates of the work to the auction participants, the participants will have ________ confidence in their own cost estimates and will submit ________ bids.
A) less; lower
B) more; lower
C) less; more
D) more; higher
B) more; lower
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A "capitalist" is someone who:
A. owns stock. B. holds a treasury bond. C. opens a retirement account. D. All of these statements are true.
Which markets are represented in the simple circular-flow diagram?
a. markets for goods and services and markets for financial assets b. markets for factors of production and markets for financial assets c. markets for goods and services and markets for factors of production d. markets for goods and services and markets for imports and exports
Gross domestic product (GDP) is the __________ of the total output of the economy in a given year.
A. quantity B. physical volume C. physical weight D. dollar value
The equilibrium price is sometimes called the:
A. market-clearing price. B. maximum price. C. optimum price. D. quantity-clearing price.