In which of the following auction types do participants have substantial information about competitors' bids?
A) Dutch auction
B) sealed-bid second-price auction
C) sealed-bid first-price auction
D) English auction
D) English auction
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Which of the following statements is true?
a. A less developed country (LDC) is a country with a low GDP per capita, low levels of capital, and uneducated workers. b. The vicious circle of poverty exists because GDP must rise before people can save and invest. c. LDCs are characterized by rapid population growth and low levels of investment in human capital. d. All of these.
If consumers enjoy an increase in wealth due to stock market gains, which of the following combinations of events will mostly likely take place?
a. A downward shift of the aggregate expenditure line and a rightward shift of the AD curve b. A downward shift of the aggregate expenditure line and a rightward shift of the AD curve. c. An upward shift of the aggregate expenditure line and a leftward shift of the AD curve. d. An upward shift of the aggregate expenditure line and a rightward shift of the AD curve. e. An upward shift of the aggregate expenditure line and no shift in the AD curve.
Under laissez faire, the force that drives the economy toward an efficient outcome is
a. central planning. b. majority voting. c. the pursuit of self-interest. d. altruism.
Which of the following must always be true as the quantity of output increases?
a. Marginal cost must rise. b. Average total cost must rise. c. Average variable cost must rise. d. Average fixed cost must fall.