In a Vickrey auction, a bidder's strategy:
A. requires the bidder to understand game theory to bid properly.
B. is to bid just below the next highest bidder.
C. is to bid what he or she would be willing to pay.
D. is to bid just slightly more than the next bidder.
Answer: C
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Which movement between two points represents economic growth?
A. J to K
B. K to L
C. L to M
D. M to N
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The demand for silver decreases, other things equal, when
A) the gold market is expected to boom. B) the market for silver becomes more liquid. C) wealth grows rapidly. D) interest rates are expected to rise.
Which of the following factors may lead to an underestimation of the significance of unemployment when evaluating the overall unemployment rate?
a. Involuntary full-time employment b. An increase in the number of military personnel c. Discouraged workers d. An increase in the number of people under the age of 16 e. A decrease in the number of institutionalized people