An oral auction
a. is also called a Vickrey auction
b. is where bidders submit increasing bids until all but one remains
c. is where the highest bidder wins and pays the amount of the next highest bid
d. all of the above
b
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The continuation of federal agricultural subsidy programs is based on a desire not to undermine the stability of the farm economy
Indicate whether the statement is true or false
If your company opens and operates a branch in a foreign country, your company engages in foreign direct investment
a. True b. False Indicate whether the statement is true or false
The pay-as-you-go nature of the Social Security system means that _____
a. current beneficiaries are paid out of general tax revenues
b. current beneficiaries are paid out of the payroll taxes levied on current workers
c. current beneficiaries are paid based on contributions made during their last five working years
d. current beneficiaries are paid out of current earnings on the Social Security trust fund
Refer to Table 10-5, which lists the values of Harry Taber's marginal utility and marginal utility per dollar for Italian submarine (sub) sandwiches and tacos. Assume that the price of a sub sandwich is $4 and the price of a taco is $2. When Harry's income is $14, he buys two Italian sub sandwiches and three tacos. The last column lists the values of the marginal utility per dollar for tacos when the price of a taco decreases to $1. Complete this statement: As a result of the change in price
A) Harry's purchasing power has increased. He will reduce his consumption of tacos so he can buy one more sub. This is an example of the substitution effect of a price change.
B) Harry's purchasing power has increased. Harry buys fewer tacos. This is an example of the substitution effect of a price change
C) Harry's purchasing power has increased. If tacos are a normal good for Harry he will buy fewer tacos. This is an example of the income effect of a price change.
D) Harry's purchasing power has increased. If tacos are a normal good for Harry he will buy more tacos. This is an example of the income effect of a price change.