Why is globalization becoming more of a worldwide phenomenon?
What will be an ideal response?
Technological advancements are decreasing transportation costs.
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In which of the following auction types do participants have substantial information about competitors' bids?
A) Dutch auction B) sealed-bid second-price auction C) sealed-bid first-price auction D) English auction
Suppose an income tax is imposed that takes $2,000 from someone with an income of $20,000, $2,500 from someone with an income of $30,000, and $4,000 from someone with an income of $80,000. This tax would be classified as
A. proportional. B. a flat tax. C. regressive. D. progressive.
The GDP deflator is the
A) difference between real GDP and nominal GDP multiplied by 100. B) difference between nominal GDP and real GDP divided by 100. C) ratio of real GDP to nominal GDP multiplied by 100. D) ratio of nominal GDP to real GDP multiplied by 100.
The problem generally associated with public goods is:
A. free-riding. B. adverse selection. C. moral hazard. D. self-selection.