Suppose that you were again competing in a sealed-bid auction for the Vermeer painting which you value at $100,000, but now it is a first-price auction. What bid should you submit?
a. Exactly $100,000
b. Somewhat lower than $100,000 depending on the number of other bidders
c. Somewhat higher than $100,000 depending on the number of other bidders
d. Cannot say which of a, b, or c is right without further information
b
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Let C = 300 + 0.9y and I = 125. The value of the multiplier is
A) 0.9. B) 9. C) 10. D) 27.
The relationship between consumer spending and income is known as the
A) rate of individual wealth. B) consumption function. C) rate of income. D) inflation rate.
What financial innovations helped banks to get around the bank branching restrictions of the McFadden Act?
What will be an ideal response?
A farm is able to produce 10,000 bushels of peanuts per season on 10 acres. Assume it adds one more acre and is able to produce 12,000 bushels per season. The marginal product of the additional acre of land for this farm is:
a. 10,000 bushels per acre per year. b. 1,200 bushels per acre per year. c. 2,000 bushels per acre per year. d. 12,000 bushels per acre per year.