In an open outcry English auction, ________
A) the bidders begin the bidding process with a high starting bid
B) the auctioneer begins the bidding process with a high starting bid
C) the auctioneer begins the bidding process with a low starting bid
D) the bidders decide the starting bid
C
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If the demand effect dominates during a currency depreciation, then
A. real GDP should fall. B. real GDP should increase. C. the price level should fall. D. net exports should decrease.
Barriers to entry reduce the likelihood that price-setter firms will see their positive economic profits competed away over time
Indicate whether the statement is true or false
Raising the discount rate is: a. an expansionary policy because it raises the ratio of excess to total reserves in the banking system
b. a contractionary policy on the part of the member banks of the Fed because it raises the firms' costs of borrowing from them. c. a contractionary policy on the part of the Fed because it raises the commercial banks' cost of borrowing from it. d. an expansionary policy on the part of the member banks of the Fed because it raises their profits relative to those of the nonmember banks. e. an expansionary policy on the part of the Fed because increasing the interest rates that the banks are allowed to charge will increase their willingness to make loans.
If an individual who earns $20,000 pays $2,000 in taxes and another individual who earns $100,000 pays $10,000 in taxes, then these individuals are being taxed under a _______ tax system
a. toll b. regressive c. progressive d. proportional e. negative income