In common value auctions
a. Every bidder know the value of the object being sold
b. Each bidder makes their own estimate of the value of the good
c. All bidders know the estimates of the others
d. The true value of the item differs across bidders
b
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The quantity of labor demanded depends on the
A) money wage rate not the real wage rate. B) real wage rate not the money wage rate. C) price of output not the money wage rate nor the real wage rate. D) money wage rate AND the real wage rate.
The financial intermediaries that the average person interacts with most frequently are
A) exchanges. B) over-the-counter markets. C) finance companies. D) banks.
According to the critics of Keynesian economics, the rapid increase in government spending and large budget deficits in response to the recession of 2008-2009 would
a. slow the recovery process and result in weak long-term growth of real GDP. b. speed the recovery process and provide the foundation for strong long-term growth of real GDP. c. stimulate a more rapid recovery, but cause the economy to fall back into a recession in the near future. d. slow the recovery process, but provide a foundation for rapid long-term growth of real GDP.
The assumption for perfect competition and monopolistic competition that enables economic profit to move towards zero is
A. freedom of entry and exit. B. homogeneous products. C. government involvement. D. perfect Information.