In common value auctions
a. Bidders do not know the value of the object being sold
b. Each bidder makes the same estimate of the value of the good
c. All bidders know the estimates of the others
d. The true value of the item differs across bidders
a
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Which of the following actions by the Fed would increase the money supply?
a. Reducing the required reserve ratio. b. Selling government bonds in the open market. c. Increasing the discount rate. d. None of these.
Many economists, both liberal and conservative, were critical of much of the early environmental legislation. An important reason for the economists' critique was that economists:
A. trusted the market to solve all problems of resource use. B. worried about fairness of regulations more than noneconomists did. C. worried that the costs sometimes were greater than the benefits. D. thought the goals of the legislation were wrong.
________ a nation's production possibilities frontier represents economic growth
A) An outward shift of B) An inward shift of C) Moving up along D) Moving down along
Complete the following table assuming that (a) MPS = 1/3, (b) there is no government and all saving is personal saving.
