The basic idea behind an auction is that:
A) buyers want to buy from the sellers with the lowest ask prices, and sellers want to sell to buyers with the highest bid prices.
B) buyers want to buy from the sellers with the highest ask prices, and sellers want to sell to buyers with the highest bid prices.
C) buyers want to buy from the sellers with the highest ask prices, and sellers want to sell to buyers with the lowest bid prices.
D) buyers want to buy from the sellers with the lowest ask prices, and sellers want to sell to buyers with the lowest bid prices.
A
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A fall in the rate of people's time preference in general tends to
A) increase interest rates. B) decrease interest rates. C) have no effect on interest rates. D) have no effect at all in the market for credit.
Milton Friedman and Edmund Phelps questioned
A) the use of expectations in the Phillips curve. B) the stability of the relationship between inflation and unemployment. C) the existence of a natural rate of unemployment. D) the existence of a full-employment level of output.
Applying neoclassical theory to the housing market, ________ cause a decrease in the user cost of housing
A) higher expected household incomes B) higher rates of household formation C) increases in the expected relative price of housing D) tighter constraints on mortgage financing
Determining the most socially desirable level of income equality or inequality
a. is done through markets, rather than by the government b. is done directly by firms c. involves normative economics d. involves evaluation of public goods e. involves evaluation of all externalities, both positive and negative