Refer to the information provided in Figure 26.8 below to answer the question(s) that follow. Figure 26.8Refer to Figure 26.8. If the economy is at point A currently producing Y0 and the Z factors increase, the economy will move to Point ________ in the short run and to Point ________ in the long run.

Once the categories of income are totaled, the sum is called

A) GNP and is not equal to GDP. B) "total income earned" and is equal to GDP. C) "net domestic product at factor cost" and is equal to GDP. D) "GDP measured by the income approach." E) "net domestic product at factor cost" and is not equal to GDP.

Suppose you were competing in a sealed-bid, second-price auction for a Vermeer painting, which you happen to value at $100,000 . What bid should you submit?

a. Exactly $100,000 b. Somewhat lower than $100,000 depending on the number of other bidders c. Somewhat higher than $100,000 depending on the number of other bidders d. Cannot say which of a, b, or c is right without further information