An open outcry auction is an auction where ________
A) bids are placed privately
B) public goods are sold
C) bidders know about each other's bids
D) free goods are distributed among the general public
C
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As capital deepening occurs, there will be increased real wages and economic growth
Indicate whether the statement is true or false
Which of the following is true when regulators require a natural monopolist to set price equal to marginal cost?
a. This policy results in a less than socially optimal allocation of resources. b. The marginal cost of producing the last unit sold exceeds the consumers' marginal value for that last unit. c. The monopolist will face recurring losses unless a subsidy is provided. d. The monopolist will earn a normal profit. e. The monopolist will earn more than a fair return.
Suppose a small economy produces only MP3 players. In year 1, 10,000 MP3 players are produce and sold at a price of $100 each. In year 2, 12,000 MP3 players are produced and sold at a price of $80 each. Which of the following statements is true?
A. Real GDP and nominal GDP both increase B. Real GDP increases while nominal GDP remains constant C. Real GDP decreases while nominal GDP increases D. Real GDP increases while nominal GDP decreases
Which of the following terrorist acts makes the most sense from the perspective of the "rational terrorist"?
A. attempting to attack a well-defended target B. attacking a lightly-defended target in a media center C. quietly killing a CIA agent D. attacking a lightly-defended target in a remote area