With which choice are you more likely to avoid Bid-rigging cartels?
a. Holding Vickery auctions
b. Holding sealed-bid auctions
c. Holding English auctions
d. Both A&B
d
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The market to buy and sell organs:
A. would increase the well-being of those who interacted in it. B. would not be considered "missing," since surplus could be gained from it. C. would create negative surplus in those who could not afford an organ, but needed one. D. would never exist because it is unfair.
When exchange rates are very volatile, with a wide range of variation, the currency is said to be:
a. in limbo. b. in free float. c. perfectly flexible. d. in sluggish float.
Nominal GDP measures the ________ of production.
A. current dollar value B. physical volume C. base year value D. change in the volume
Consider the total cost of traveling from point A to point B
The cost of traveling by car would include the cost of gasoline and the opportunity cost of time; the cost of hopping on a bus would include the bus ticket and the opportunity cost of time. Assume that the bus ticket costs less than the gasoline. Does this imply that using a bus to get to the destination involves lower total costs than getting there by car? What if the bus doesn't take the fastest route from point A to point B?