Appendix: Common value auctions with open bidding necessarily entail
a. asymmetric information
b. ascending prices
c. more than two bidders
d. amendment of bids
e. sealed final offers.
d
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Production possibilities frontiers usually curve out and away from the origin. The implication is
A) that as resources are used to produce one good, fewer resources are available to produce another good. B) that the opportunity cost of producing a good goes down as more of that good is produced. C) technological change is present. D) that the opportunity cost of producing a good stays the same regardless of how much of that good is produced. E) some resources are better at producing one good while other resources are better at producing alternative goods.
Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of rice?
a. Wheat supply will increase. b. Wheat supply will decrease. c. Wheat demand will increase. d. Wheat demand will decrease.
In 2015, approximately what percentage of the public debt was held by foreign individuals and institutions?
A. 41 percent B. 34 percent C. 15 percent D. 26 percent
In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain. B. human capital. C. certification. D. credentialism.