Appendix: The principal advantage of an open bidding system for allocating telecommunications spectrum licenses was
a. the pooling of asymmetric information by the bidders
b. the reconfiguring of cell phone license areas
c. the substitute value of adjacent service areas
d. reduced cost
a
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A price ceiling set below an equilibrium price tends to cause persistent imbalances in the market because
a. Quantity demanded exceeds quantity supplied but price cannot rise to remove the shortage. b. Quantity demanded exceeds quantity supplied but price cannot fall to remove the surplus. c. Quantity supplied exceeds quantity demanded but price cannot rise to remove the shortage. d. Quantity supplied exceeds quantity demanded but price cannot fall to remove the surplus.
Michael lost his job as a night security guard because he kept falling asleep at the job. Now he is looking for a new job. Michael is
A) frictionally unemployed. B) not unemployed. C) structurally unemployed. D) cyclically unemployed. E) none of the above.
The balance of payments constraint refers to the limits on:
A. exchange rate policy imposed by flexible exchange rates. B. currency convertibility observed in most developing countries. C. domestic macroeconomic policy, arising from a shortage of international reserves. D. macroeconomic policy resulting from IMF conditionality.
Income is a flow measure.
Answer the following statement true (T) or false (F)