An auction in which the price announced by the auctioneer DESCENDS is called a(n)
A) Dutch Auction.
B) English Auction.
C) Sealed Bid Auction.
D) Descending Option Auction.
A
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Suppose that a small economy that had previously been closed becomes open. If its real interest rate had previously been below the world real interest rate, we would expect that
A) the country's real interest rate would remain below the world level. B) the country would become a net lender abroad. C) the country would become a new borrower abroad. D) the amount of loanable funds supplied in the country would decline.
The marginal physical product of a factor of production is equal to the additional revenue generated from employing one additional unit of the factor.
Answer the following statement true (T) or false (F)
The exchange rate is the:
a) cost of borrowing money. b) interest rate that banks charge their best customers. c) rate at which one currency can be exchanged for another. d) amount of gold backing a U.S. dollar.
If the price elasticity of demand is greater than 1, then consumer demand is
A) unrelated to the elasticity of demand. B) inelastic. C) elastic. D) unitary elastic.