When bidders values of an item in an auction are correlated, buyers of an item will ________ their bids and sellers will ________ their bids to avoid the winner's curse.
A) raise; raise B) raise; lower C) lower; lower D) lower; raise
D) lower; raise
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In an open economy, aggregate supply consists of domestic production
A. plus imports. B. plus exports. C. minus imports. D. minus exports.
The Apple iPhone is sold in a box labeled "Made in China," but a study by economists at the Asian Development Bank found that the actual percentage of the price of the iPhone accounted for by the only work done in China, which is assembly, is
A) 4 percent. B) 12 percent. C) 25 percent. D) 65 percent.
When people exchange money for financial assets, the _____ rises
a. real GDP b. price level c. unemployment rate d. nominal GDP e. interest rate
Fixed costs are best defined as: a. costs that do not vary with output
b. costs that vary with output. c. the sum of all marginal costs. d. the change in total cost when one more unit of output is produced.