If the bidders at an oral auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8
b. $7
c. just over $7
d. just under $7
c
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Suppose the Fed wants to fix the U.S. dollar/Mexican peso rate at 11 pesos per dollar under a fixed exchange rate policy. If the exchange rate falls to 10 pesos per dollar, the Fed can
A) buy dollars. B) sell dollars. C) attempt to freeze all sales of dollars. D) any of the above actions could take place.
Refer to Figure 16-2. What is the quantity sold to each group of customers and what is the total quantity sold?
A) quantity sold to students = Qc; quantity sold to non-students = Qe; total sales = Qe+Qc B) quantity sold to students = Qb; quantity sold to non-students = Qb; total sales = Qa C) quantity sold to students = Qc; quantity sold to non-students = Qb; total sales = Qb+Qc D) quantity sold to students = Qc; quantity sold to non-students = Qd; total sales = Qd+Qc
In the Keynesian framework, as long as output is ________ the equilibrium level, unplanned inventory investment will remain positive and firms will continue to ________ production
A) below; lower B) above; lower C) below; raise D) above; raise
A team of researchers has conducted a study of the well being of the citizens of the island nation of Zarasa
Using a scale from 1 (least happy) to 10 (most happy), the researchers find that citizens who earn 100 Zarutas per year have a mean happiness of 2.0, those who earn 200 Zarutas per year have a mean happiness of 6.0, and those who earn 300 Zarutas per year have a mean happiness of 7.0. The researchers should make which of the following conclusions? A) The utility of Zarasians increases with income. B) The marginal utility of Zarasians increases with income. C) The marginal utility of Zarasians decreases with income. D) both A and B E) both A and C