Which auction format generates the most revenue for the seller?
a. First price.
b. Second price.
c. They generate the same expected revenue.
d. Depends on the environment.
d
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The expenditure approach to measuring GDP is based on summing
A) wages, interest, rent, and profit. B) each industry's production. C) the total values of final goods, intermediate goods and services, used goods, and financial assets. D) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services. E) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services minus wages, interest, rent, and profit.
Government decisions about the level of taxation and public spending are called:
A. fiscal policy. B. monetary policy. C. congressional policy. D. legislative budgeting policy.
A_____ level of trade indicates that a good portion of the nation’s ______ is exported.
a. low; production b. high; production c. high; capital d. low; capital
We can show economic growth in terms of the production possibility curve by:
A. shifting the production possibility curve outward. B. shifting from a point inside the curve to a point on the production possibility curve. C. movement along the production possibility curve. D. jumping to a point outside the production possibility curve.