The result that different auction styles in which the good goes to the winner with the highest valuation of the good generate the same amount of revenue is called
A) Revenue Equivalence Theorem.
B) Marginal Revenue Theory.
C) Auction Revenue Theory.
D) First Bid Revenue Theorem.
A
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If the multiplier is 4, the marginal propensity to consume (MPC) must be
A) 0.5. B) 0.25. C) 0.75. D) 1.
The highest valued alternative option that must be given up in order to choose an action is called its
a. utility. b. opportunity cost. c. capital. d. ceteris paribus
Normative statements are
a. prescriptive, whereas positive statements are descriptive. b. descriptive, whereas positive statements are prescriptive. c. backward-looking, whereas positive statements are forward-looking. d. forward-looking, whereas positive statements are backward-looking.
All of the following are arguments in favor of restricting trade EXCEPT
A) comparative advantage. B) protecting domestic jobs. C) protecting emerging industries. D) dumping.