Refer to the scenario above. If the starting bid is $250, ________ will win the auction and will have to pay ________ for the painting
A) Bob; $250
B) James; $400
C) Rachel; $450
D) Joe; $400
C
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The Federal Reserve System is an
A. agency run by popularly elected officials. B. agency that is under the direction of the president. C. agency that is controlled by Congress. D. independent agency of government.
Compared to perfect competition, a monopoly usually does not result in
a. higher prices. b. the use of fewer resources. c. a less elastic demand curve. d. less profit.
What is the present value of a payment of $100 to be made one year from today if the interest rate is 6 percent?
a. $105.26 b. $105.00 c. $97.24 d. $94.34
The group of economists who believe politicians are subject to the laws of demand and supply and focus on this in their analysis are known as:
A. libertarian economists. B. orthodox economists. C. public choice economists. D. radical economists.