Appendix: In Dutch auctions, the bidding
a. starts low and rises until the highest bidder wins.
b. is done in secret "sealed bids" which are opened at a specified time.
c. begins with a very high price, and is reduced until the first person takes it.
d. is accomplished by giving the price of the second highest bid to the highest bidder.
c
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Producing paper creates pollution. There is no externality in the consumption of paper. The efficient quantity of paper is when the
A) marginal social benefit of paper is equal to zero. B) marginal social cost of the pollution from making paper is equal to zero. C) marginal social benefit of paper is equal to the marginal social cost of paper. D) marginal private cost of the pollution from making paper is equal to zero.
Suppose that IS and LM intersect at full-employment output. A rightward shift of LM will be followed by a __________ price level that shifts LM to the __________ in a return to full employment
A) rising; right B) rising; left C) falling; right D) falling; left
Basic supply and demand analysis can be used to explain how externalities lead to environmental problems
a. True b. False Indicate whether the statement is true or false
As the differences in opportunity costs between the U.S. and its trading partners increase, the potential gains from specialization and trade ________.
A. decrease B. stay the same C. become unpredictable D. increase