Which of the following is a similarity between an English auction and a Dutch auction?
A) The second-highest bidder wins the good in both auctions.
B) The bidder who values the good the most wins it in both auctions.
C) The bidders submit their bids privately at the same time in case of both auctions.
D) In both auctions, the bidders submit their bids privately at different times during the bidding process.
B
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Even when transactions are facilitated with money, imports are paid for by exports
Indicate whether the statement is true or false
Socialism seeks to abolish the market-price system. In the economic way of thinking, socialism would therefore
A) generate tremendous economic growth. B) overcome scarcity. C) lead to a greater coordination among peoples' production and consumption plans. D) allow everybody the opportunity to seek their comparative advantage. E) accomplish none of the above.
At the peak of a business cycle, employment and GDP are
a. at their lowest b. at their highest c. rising d. falling e. it is impossible to state for certain what is happening to employment and GDP
Economists believe that the optimal level of pollution is zero
a. True b. False Indicate whether the statement is true or false