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.
b
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Who gains from imports? How do they gain? Who loses? How do they lose? Does the overall economy gain or lose from imports?
What will be an ideal response?
Problems with the federal government budget process include: a. tough choices to be made by Congress each year on which entitlement programs will receive full support. b. the constitutional requirement of Congress to balance the budget on an annual basis
c. an overly detailed budget that allows Congress to reward friends, thereby discouraging restraint on spending. d. a short review period for Congress that results in poor choices in funding programs. e. Congress having too much control over the budgetary process.
Considered a fundamental pricing metric in commercial real estate markets, the ratio of a property's annual net income to its market value is more commonly referred to as a(n):
A. Appreciation rate B. Capitalization rate C. Discount rate D. Internal rate of return
The basic economic problem of ________ has always existed and will continue to exist
A) inflation B) recession C) efficiency D) scarcity