________ are quotas that lead to a complete elimination of trade
A) Embargoes
B) Voluntary export restraints
C) Nontariff barriers
D) Orderly marketing agreements
A
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This factor contributes to the winner's curse
a. your estimate of the value of the object was not the most optimistic b. your bid was not the highest c. there were many other bidders that you beat out d. you shaded your bid too much
Which of the following is an example of a normative statement?
a. The moon is made of green cheese. b. Women should earn the same income as men. c. When the price of a good rises, people will buy more of it. d. The more time you spend studying, the higher your economics test scores will be. e. The more time you spend studying for chemistry, the higher your economics test score will be.
Open market operations have their initial effect on bank
a. lending. b. reserves. c. profits. d. revenues.
Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
In the long run, the equilibrium price will be ________ per gallon, and each firm's profit-maximizing quantity will be ________ gallons per week.
A. $20; 400 B. $15; 300 C. $20; 4,000 D. $15; 6,000