Baseball Cards Your favorite uncle left you his baseball card collection in his will. Since you are not a fan, you auction them off on an Internet website. Since nothing was created, how could this decision have created wealth?
The transaction moved the baseball card collection from a low valued use in your possession to a higher valued use in the possession of a true fan.
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Suppose that your personal valuation for a painting is $200 . Which auction format would induce you to bid more?
a. First price. b. Second price. c. You would bid the same in any format. d. Depends on the environment.
Which of the following causes a leftward shift in the short-run aggregate supply curve? a. An increase of goods prices while nominal incomes are unchanged
b. An increase in nominal incomes. c. An increase of full-employment real GDP. d. An increase of personal consumption expenditures while the price level is unchanged. e. An increase of personal consumption expenditures while full-employment real GDP is unchanged.
During 1929-1933, monetary policy was
a. highly expansionary and this led to an increase in the general level of prices. b. characterized by steady monetary growth, which resulted in price stability. c. characterized by a sharp reduction in the supply of money, which led to downward pressure on prices and a decline in output. d. highly expansionary and this led to a reduction in the general level of prices.
The antitrust laws are sometimes used by companies to reduce competition in their markets rather than enhance it.
Answer the following statement true (T) or false (F)