An oral auction
a. is also called a Vickrey auction
b. is conducted by bidders submitting a single sealed bid
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
c
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So-called fallen angels differ from junk bonds in that
A) junk bonds refer to newly issued bonds with low credit ratings, whereas fallen angels refer to previously issued bonds that have had their credit ratings fall below Baa. B) junk bonds refer to previously issued bonds that have had their credit ratings fall below Baa, whereas fallen angels refer to newly issued bonds with low credit ratings. C) junk bonds have ratings below Baa, whereas fallen angels have ratings below C. D) fallen angels have ratings below Baa, whereas junk bonds have ratings below C.
Minimum wage laws create unemployment for low-skilled workers because the legal minimum wage is set
A) above the market wage, causing the quantity of labor supplied to be greater than the quantity of labor demanded. B) below the market wage, causing the quantity of labor supplied to be greater than the quantity of labor demanded. C) above the market wage, causing the quantity of labor supplied to be less than the quantity of labor demanded. D) below the market wage, causing the quantity of labor supplied to be less than the quantity of labor demanded.
How much deadweight loss a tax causes is primarily determined by:
A. how responsive buyers and sellers are to a price change. B. how much tax revenue the government generates. C. whether the tax is imposed on the buyer or seller. D. the ability of the government to impose the tax.
Along the inelastic portion of a demand curve,
a. the change in price will always be less than the change in quantity demanded. b. the percentage change in price will be less than the percentage change in quantity demanded. c. the change in price will always be more than the change in quantity demanded. d. the percentage change in price will be more than the percentage change in quantity demanded.