A key difference between a Walrasian market and most auction markets is that in most auction markets
A) transactions occur continuously.
B) bid prices exceed offer prices.
C) only dealers have complete information.
D) offer prices exceed bid prices.
A
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The amount of a tax paid by the sellers will be smaller the more ________ the demand and the more ________ the supply
A) elastic; inelastic B) inelastic; elastic C) inelastic; inelastic D) elastic; elastic
Answer the following statements true (T) or false (F)
1. All members of the European Union are members of the Economic Monetary Union. 2. The United States exports more to the Economic Union than it imports. 3. Beginning in 2002, Economic Monetary Union members no longer printed their own money. 4. The French franc is the common currency of the Economic Monetary Union. 5. The General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO). 6. If Mexico levies an import quota on U.S. cars, the price of automobiles in the United States is likely to rise. 7. In a large and diversified economy like the United States, international trade usually hurts more people domestically than it helps.
Loans are examples of a bank's:
A. assets. B. liabilities. C. net worth. D. balance sheet.
The price of a large pepperoni pizza used to be $12, but this week the price rose to $18. With a budget of just $28, you can't afford as many pizzas at the higher price. This change in consumer behavior reflects the
A) real income effect. B) substitution effect. C) nominal income effect. D) concept of diminishing marginal utility.