The winner in a first-price sealed-bid auction pays an amount equal to ________
A) his bid
B) the second-highest bid
C) half of his bid
D) the lowest bid
A
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Refer to the figure above. If a per-unit tax of $1.50 is imposed on the sale of Good X, what is the size of the deadweight loss due to taxation?
A) $5 million B) $7.5 million C) $1.5 million D) $2 million
The correct chain of causation illustrating the changes caused by monetary policy is
A. money, interest rates, C + I + G + (X ? IM), I. B. money, interest rates, I, C + I + G + (X ? IM). C. C + I + G + (X ? IM), I, interest rates, money. D. I, C + I + G + (X ? IM), money, interest rates.
If all government budgets are balanced, and S is greater than I, then
A) the net international investment position must be positive. B) the financial account must be positive. C) the financial account must be negative. D) the net international investment position must be negative.
When you set aside the money you have today in order to purchase goods and services later on, you are using money as a
A. medium of exchange. B. unit of accounting. C. standard of deferred payment. D. store of value.