A second-price auction
a. is also called an English auction
b. is where the highest bidder wins and pays the amount of the next highest bid
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
b
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Moving between two points on a PPF, a country gains 6 automobiles and forgoes 3 trucks. The opportunity cost of 1 automobile is
A) 2 trucks. B) 1 automobile. C) 1/2 of a truck. D) 3 trucks. E) 6 automobiles - 3 trucks.
Use Figure 9-6 to answer questions a-i
a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased? b. Calculate the value of consumer surplus with the tariff in place. c. What is the quantity supplied by domestic sugar producers with the tariff in place? d. Calculate the value of producer surplus received by U.S. sugar producers with the tariff in place. e. What is the quantity of sugar imported with the tariff in place? f. What is the amount of tariff revenue collected by the government? g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i. Calculate the deadweight loss due to the tariff.
If an automobile manufacturer has an agreement with its air bag supplier, this is an example of a ________ agreement.
A) rightward B) vertical C) horizontal D) leftward
A temporary resource price differential refers to a price difference
a. that will not lead to a shift of resources among users b. caused by lack of resource mobility c. caused by economic rent d. that, for example, causes more workers to move to higher-paid areas e. caused by minimum wage legislation