What is a Dutch auction?
What will be an ideal response?
A Dutch auction is an open outcry auction in which the price decreases until a bidder stops the auction; that is, the auctioneer begins the bidding at an offer price above any bidder's value and lowers the price until someone purchases the item. The first person who bids who ends the auction, wins the item, and pays his or her bid.
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If labor and capital are complements in production, then an increase in the amount of capital will
a. reduce the firm's demand for labor. b. raise the firm's marginal cost of production. c. cause the scale effect to outweigh the substitution effect. d. increase labor's marginal product.
In an open economy, the relationship between GDP (Y) and expenditures is Y = C + I + G
Indicate whether the statement is true or false
Decisions regarding purchases and sales of government securities by the Fed are made by the:
a. Federal Deposit Insurance Commission (FDIC). b. Discount Committee (DC). c. Federal Open Market Committee (FOMC). d. Federal Funds Committee (FFC).
A country's nominal exchange rate, e, is defined as the number of units of:
A. the foreign currency that one unit of the domestic currency will buy. B. foreign goods relative to the number of units of domestic goods. C. the domestic currency that one unit of the foreign currency will buy. D. domestic goods relative to the number of units of foreign goods.