In Dutch or first-price sealed-bid auctions, participants will bid less than their highest valuation
What will be an ideal response?
True. They do so because they have to balance the benefit of paying less with the cost of not getting the good.
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A dominant strategy is one which
a. is best for a player no matter what strategy the other player chooses. b. is optimal given the other player's strategy, but may not be optimal should the other player switch strategies. c. will lead to a Pareto-optimal outcome. d. will be chosen by the first player in a sequential game.
The farm revolt (Populism) led ultimately to all of the following changes in society except
(a) Universal public education (b) Women's suffrage (c) Secret ballots (d) The vote for working men
In the Keynesian model, an increase in real autonomous spending results in a greater increase in real Gross Domestic Product (GDP) if
A) the marginal propensity to consume (MPC) is lower.
B) the marginal propensity to consume (MPC) is higher.
C) the average propensity to save (APS) is higher.
D) the average propensity to save (APS) is lower.
Assume that the required reserve ratio is 10%. An increase of $1,000 in the banking system's excess reserves may result in a total expansion of new deposits for the banking system as a whole by as much as
A) $1,000. B) $9,000. C) $10,000. D) $100,000.