In an open outcry Dutch auction, ________
A) the bidders begin the bidding process with a low starting bid
B) the auctioneer begins the bidding process with a low starting bid
C) the auctioneer begins the bidding process with a high starting bid
D) the bidders decide the starting bid
C
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The following will not cause correlation between X and u in the simple regression model:
A) simultaneous causality. B) omitted variables. C) irrelevance of the regressor. D) errors in variables.
The Keynesian-cross model is a complete macroeconomic model
a. True b. False Indicate whether the statement is true or false
The idea that firms and resource suppliers in seeking to further their own self-interests in a competitive market economy also simultaneously promotes the public or social interest is a description of:
a. The "invisible hand" b. The guiding function of prices c. "Dollar votes" d. Capital accumulation
Assumptions are necessary to
A. define the specific cause and effect relationship that is being explained by social sciences. B. define a set of circumstances where a model is most likely to apply. C. make economics a social science. D. define the relationship between wants and resources under all circumstances.