This factor contributes to the winner's curse
a. your estimate of the value of the object was not 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
d
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If good “A” is represented on the horizontal axis and good “B” on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good “A,” the
A. larger the opportunity cost of producing an extra unit of good “A.” B. larger the quantity of resources being devoted to the production of good “B.” C. smaller the quantity of resources being devoted to the production of good “A.” D. smaller the opportunity cost of producing an extra unit of good “A.” E. greater the returns to scale in the production of good “A.”
Public saving in the economy can be increased by
A) raising taxes. B) raising government spending. C) raising transfer payments. D) lowering taxes.
Which of the following events would not be recorded in the U.S. balance of payments?
a. The money supply of a foreign nation increases. b. Oxfam America, a U.S. relief agency, sends food to drought victims in sub-Saharan Africa. c. Oxfam America, a U.S. relief agency, sends farm equipment to drought victims in sub-Saharan Africa. d. The Pentagon stations troops in Saudi Arabia. e. Pepsi-Cola sends its soft drink to Russia; in return, the United States gets Stolichnaya vodka. No money changes hands.
The social problem of resource allocation requires society to decide
a. all of the following b. both d and e c. how output should be produced d. what goods and services should be produced e. who gets what society produces