There are twelve District Federal Reserve Banks
Indicate whether the statement is true or false
T
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The winner in a first-price sealed-bid auction pays an amount equal to ________
A) his bid B) the second-highest bid C) half of his bid D) the lowest bid
Medicare
A) subsidizes the care of older people, which gives them NO incentive to consume more medical services. B) subsidizes the care of older people, which gives them an incentive to consume more medical services. C) subsidizes the care of young people, which gives them an incentive to consume less medical services. D) subsidizes the care of middle aged people, which gives them an incentive to consume more medical services.
When the Gizmo Company could sell a gizmo for $10, it produced 2,500 per month. More recently, the price of a gizmo has fallen to $9 and so Gizmo is only producing 2,000 units per month. What is the price elasticity of supply for gizmos?
A) 0.47 B) -0.47 C) -2.11 D) 2.11
Along a linear consumption function
A. the average propensity to consume rises with income, but the marginal propensity to consume falls with an increase in income. B. the average propensity to consume rises with a decrease in income. C. the marginal propensity to consume rises with an increase in income. D. both the average propensity to consume and the marginal propensity to consume rise with an increase in income.