Refer to the scenario above. If they are the only bidders in the auction and each bidder bids up to his value for the good, the winner will earn a surplus of ________

According to the data in the table above, real GDP grew at a rate of ________ between year 1 and year 2

A) 10 percent B) 1 percent C) 50 percent D) 5 percent E) 55 percent

In some respects, the U.S. has fallen behind other nations

a. True b. False Indicate whether the statement is true or false