Author Question: When calculating real GDP, the reference base year A) allows us to account for changes in GNP ... (Read 64 times)

joe · **on:** Jun 29, 2018

When calculating real GDP, the reference base year

A) allows us to account for changes in GNP compared to GDP.
B) always reduces the value of GDP compared to GNP.
C) allows us to calculate the value of the goods and services in terms of prices of that base year.
D) usually increases the value of GNP compared to GDP.
E) allows us to increase the value of goods and services.

Question 2

Which of the following is a difference between a first-price sealed-bid auction and a Dutch auction?

A) The highest bidder wins in a first-price sealed-bid auction while the second-highest bidder wins in a Dutch auction.
B) The second-highest bidder wins in a first-price sealed-bid auction while the highest bidder wins in a Dutch auction.
C) Bids are placed privately in a first-price sealed-bid auction while bids are placed publicly in a Dutch auction.
D) Bids are placed one after another in a first-price sealed-bid auction while bids are placed simultaneously in a Dutch auction.