Suppose you were competing in a sealed-bid, second-price auction for a Vermeer painting, which you happen to value at $100,000 . What bid should you submit?
a. Exactly $100,000
b. Somewhat lower than $100,000 depending on the number of other bidders
c. Somewhat higher than $100,000 depending on the number of other bidders
d. Cannot say which of a, b, or c is right without further information
a
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When and under what circumstances is intervention in international trade justified on market correction grounds? What preconditions would have to be met from the government side for there to be a reasonable likelihood of success?
What will be an ideal response?
Which of the following factors will not determine output and employment in the classical model?
a. Taxes that affect the incentive to work or hire labor b. The level of government spending c. The quantity of capital d. Preferences for leisure e. None of the above
Approximately how much of the world's output does the United States produce?
A. 18 percent. B. 5 percent. C. 30 percent. D. 12 percent.
When the relationship between two variables changes,
A. The curve becomes linear. B. There is movement from one point on the curve to another point on the curve. C. The entire curve shifts. D. All of the choices are correct.