Which of the following statements is true?
A. A mineral rights auction is not the same as a common-value auction.
B. An auctioneer is always indifferent between different kinds of auctions.
C. An English auction always yields lower expected revenues than a second-price, sealed-bid auction.
D. The Dutch and first-price, sealed-bid auctions are strategically equivalent.
Answer: D
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Borrowing is like:
A. selling the right to use your money for a time. B. buying the right to use someone else's money. C. selling the right to use someone else's money. D. buying the right to use your money for a time.
A government budget surplus may enable all of the following except
A. A decrease in the money supply. B. A decrease in taxes. C. An increase in income transfers. D. An increase in expenditures on goods and services.
For a single country to influence the price of some good in the global market:
A. it must be considered a price taker. B. the country must be large relative to other nations in the world C. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide. D. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide.
The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Refer to the above table. The total opportunity cost of the three units of tanks is:
A. 200 units of autos. B. 1000 units of autos. C. 650 units of autos. D. 350 units of autos.