At the present, saving is ______.
a. not taxed
b. taxed at a relatively low rate
c. taxed at a relatively high rate
d. seldom taxed
c. taxed at a relatively high rate
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Mary has an old house built in 1950 that she would be willing to sell for $100,000. If someone offers to buy her house at $110,000, Mary's producer surplus would be equal to:
A) $5,000. B) $10,000. C) $55,000. D) $100,000.
Positive economics statements are testable
Indicate whether the statement is true or false
A second-price auction
a. is also called an English auction b. is where the highest bidder wins and pays the amount of the next highest bid c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
The velocity of circulation has remained constant over long periods of time
a. True b. False Indicate whether the statement is true or false