In a second-price sealed-bid auction, ________
A) bidders submit their bids privately
B) bidders place their bids one after another
C) bidders know each other's bid
D) bidders bid above their willingness to pay
A
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Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and real GDP in the context of the Three-Sector-Model?
a. The real risk-free interest rate falls, and real GDP rises. b. The real risk-free interest rate rises, and real GDP remains the same. c. The real risk-free interest rate and real GDP remain the same. d. The real risk-free interest rate falls, and real GDP falls. e. There is not enough information to determine what happens to these two macroeconomic variables.
Because poverty is so pervasive, poor countries are not able to experience economic growth.
Answer the following statement true (T) or false (F)
Economists say that the economy is at "full employment" when the:
A. structural unemployment rate is zero. B. total unemployment rate is zero. C. frictional unemployment rate is zero. D. cyclical unemployment rate is zero.
A decrease in aggregate demand will cause
A. prices to fall and unemployment to increase according to both classical economists and Keynes. B. aggregate supply to fall according to Keynes, and unemployment to increase according to classical economists. C. prices to fall according to classical economists, and unemployment to increase according to Keynes. D. aggregate supply to fall according to classical economists, and prices to fall according to Keynes.