In an English auction, the winner pays a price equal to ________
A) the value of the highest bid
B) the value of the lowest bid
C) his value for the good
D) the value of the second-highest bid
A
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It makes sense to measure relative costs in terms of leisure time
A) because leisure time is of equal value to everyone. B) because leisure time is the ultimate good. C) only if leisure time is of equal value to everyone. D) only in societies with labor-saving technologies.
Which of the following is NOT a reason why the effects of tax cuts on government spending dissipate and each additional change in consumption and income becomes smaller and smaller?
A) Some of the increase in income will be lost through taxation. B) Some of the increase is saved and does not result in an increase in consumer demand. C) Some of the increase in consumption will be an additional demand for imported goods. D) Some of the increase is used for business investment.