Institutions that borrow money from savers to lend to borrowers are known as

Mr. Smith won a laptop in an online auction in which bidders could see each other's bid and price increased with every new bid

a) If Mr. Smith values the laptop at $400, find out his dominant strategy. b) Will there be a change in his optimal bidding strategy if there is an increase in the number of bidders?

Which of the following is included in the GDP?

A) the current services flowing from the housing stock B) the estimated value of drugs sold illegally C) the estimated value of leisure time D) transfer payments such as Social Security and veterans' benefits E) private purchases of used assets