A second-price auction
a. is also called a Vickrey auction
b. is conducted by bidders submitting a single sealed bid
c. is where the highest bidder wins and pays the amount of the next highest bid
d. all of the above
d
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Which of the following is true about time lags and fiscal policy? a. Changes in federal taxes can be implemented easily by the President without the approval of Congress
b. Changes in fiscal policy that involves changes in government spending on public works projects do not involve significant time lags. c. Once an appropriate fiscal policy has been determined it can be implemented quickly. d. The lag time between when a fiscal policy is needed and when it is actually implemented is considerable.
According to the quantity theory of money, if the economy were facing inflation, the Federal Reserve Bank could combat it by:
A. increasing the supply of money. B. increasing taxes. C. cutting taxes. D. decreasing the supply of money.
Thalia has a marginal propensity to save of 30 percent. What is her marginal propensity to consume?
a. 0 percent b. 30 percent c. 70 percent d. unknown
Refer to the diagram. At output level Q:
A. marginal product is falling.
B. marginal product is rising.
C. marginal product is negative.
D. one cannot determine whether marginal product is falling or rising.