An oral auction
a. is also called an English auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
d
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The problem in many middle- and low-income economies around the world is very high __________, which generally arises from huge budget deficits that are financed by the government printing its domestic currency.
a. inflation b. unemployment c. taxes d. leverage
Use the following figure to answer the next question.
If box E represents government, box C businesses, box D the resource market, and box B the product market, then government hiring of teachers, soldiers, police, and judges would be illustrated by arrows
A. 5 and 6. B. 9 and 10. C. 10 and 11. D. 7 and 8.