An oral auction
a. is also called an English auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
d
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In the United States, the average level of educational attainment is approximately a
A. primary education. B. secondary education. C. higher education. D. graduate-level education.
Ronald Reagan believed that reducing income tax rates would
a. do little, if anything, to encourage hard work. b. result in large increases in deadweight losses. c. raise economic well-being and perhaps even tax revenue. d. lower economic well-being, even though tax revenue could possibly increase.
Exhibit 12-2 Lorenz curve
As shown in Exhibit 12-2, the perfect equality line is drawn between points:
A. A and B. B. B and D. C. A and C along the straight line. D. A and C along the curve.
If the reserve ratio is designated by "r," how much of a deposit can banks lend out?
A. 1 / r B. (1 - r) C. 1 / (1 - r) D. r / (1 - r)