Which of the following is a difference between an English auction and a Dutch auction?
A) Bids are placed publicly in an English auction while bids are placed privately in a Dutch auction.
B) The bidder who values the good the most wins in an English auction while the bidder who values the good the least wins in a Dutch auction.
C) An English auction is an ascending price auction while a Dutch auction is a descending price auction.
D) An English auction is a descending price auction while a Dutch auction is an ascending price auction.
C
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Proprietary income refers to
A. revenue flowing to the government from taxes. B. revenue generated by government-run businesses. C. transfer payments from the government to the owners of property resources. D. money borrowed by the government to finance its operations.
Relative to GDP, interest on the national debt
a. has grown at a steady rate during the last 40 years b. has remained constant in recent decades c. grew especially rapidly during the 1980s d. declined slightly during the 1980s e. fluctuates as retirement portfolios change their allocation of government securities
Gross domestic product
a. is the sum of all exchanges of goods and services during a period. b. includes financial transactions such as the purchase of stocks or bonds traded during a period. c. is the sum of expenditures for both intermediate and final user goods. d. is the sum of the total spending on all final-user goods and services produced domestically during a period.
A single seller dominates the market for robotic mowers and charges a price above the competitive price. Some potential consumers do not buy mowers they would have bought at a lower price. What economic condition is represented by this scenario?
a. inventory b. externality c. efficiency d. monopoly