In a sealed-bid first price auction, if you notice that your competition is stronger, you should
a. Shade your bid more
b. Shade your bid less
c. Bid more aggressively
d. Both B&C
d
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In the figure above, the opportunity cost of moving from point C to point D is
A) the loss in production in the health care sector. B) the increase in production in the education sector. C) zero. D) the loss in production in the education sector.
Labor unions
a. are formed to increase members' wages and improve working conditions. b. have represented a declining share of the workforce in the past 50 years. c. have traditionally found it difficult to organize workers in white-collar jobs. d. are characterized by all of the above.
If the price of a good rises, then the effect on the income of the factors that are used intensively in its production will be
A) to raise income by an absolute amount that is less than the rise in prices. B) to raise income by an absolute amount that is more than the rise in prices. C) to raise income by a smaller percentage than the rise in prices. D) to raise income by a greater percentage than the rise in prices.
The velocity of money is the ratio of
A. real GDP to the stock of money. B. nominal GDP to the stock of money. C. the overall price level to the stock of money. D. nominal GDP to the overall price level.