This factor contributes to the winner's curse
a. your estimate of the value of the object was the most optimistic
b. your bid was not the highest
c. there were not many other bidders you had to beat out
d. you did not shade your bid enough
a
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Of the $3 per pizza tax illustrated in the above figure, the
A) consumers pay $2 of the $3 per pizza tax. B) sellers pay $1 of the $3 per pizza tax. C) government collects $120 thousand in revenue from the pizza tax. D) All of the above answers are correct.
What is the difference between a nominal value and a real value?
A. A nominal value is measured in monetary units while a real value is measured in current dollars. B. A nominal value is measured in market rates while a real value is measured in terms of exchange rates. C. A nominal value is measured in units of constant purchasing power while a real value is measured in units of current purchasing power. D. A nominal value is measured in current market prices while a real value is measured in base year prices.
In theory, partially-flexible exchange rates:
A. permit sizable exchange rate fluctuations, as long as they foster movement toward the long-run equilibrium exchange rate. B. require a very high level of official reserves. C. allow speculative pressures to affect exchange rates. D. impose no limitations on a country's monetary and fiscal policy.
Which of the following is TRUE of an excise tax?
A. An excise tax is levied on purchases of particular good or service. B. Imposing an excise tax shifts the market demand curve. C. An excise tax is always a unit tax. D. An excise tax is based on an individual's income.