Bid-rigging is less likely in
a. oral auctions
b. second-price auctions
c. first-price sealed-bid auctions
d. all are equally likely
c
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Which of the following arguments is often used by opponents of Federal Reserve independence?
A) Independence slows the policy decision process. B) Independence causes inflationary pressures to build because of excessive monetary growth. C) Independence leads to conflicts between monetary and fiscal policy. D) Independence causes a concentration of financial power.
Which of the following would be an example of case-based payment?
A. Four-tier pharmacy formularies B. Copayment waivers for primary care services C. Medicare DRGs D. All of the above
This graph shows what causes
A. cost-push inflation.
B. demand-pull inflation.
C. neither cost-push nor demand-pull inflation.
Suppose the economy is at a short-run equilibrium GDP that lies above potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
A) Output will increase. B) Short-run aggregate supply will shift to the left. C) Unemployment will decline. D) Prices will decline.