A second-price auction:
A. has two Nash equilibriums.
B. does not have a Nash equilibrium.
C. leads to a winner's curse.
D. avoids the winner's curse.
D. avoids the winner's curse.
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If a union cannot increase the demand for union labor, then an increase in union wages will result in a decrease in union employment
Indicate whether the statement is true or false
As noted in the text, the major Japanese auto manufacturers agreed to "voluntary" import restrictions that reduced the number of cars they could ship to the U.S. market in the 1980s
One of the key outcomes from this policy is that the Japanese manufacturers were able to: A) focus on more profitable auto markets in other countries. B) raise their prices of autos in the U.S. market and capture higher profit margins on the imported cars. C) cut their costs by more than the import tariff, so profit per auto increased. D) all of the above
A VAR with k time series variables consists of
A) k equations, one for each of the variables, where the regressors in all equations are lagged values of all the variables B) a single equation, where the regressors are lagged values of all the variables C) k equations, one for each of the variables, where the regressors in all equations are never more than one lag of all the variables D) k equations, one for each of the variables, where the regressors in all equations are current values of all the variables
When commercial banks borrow from other commercial banks, the immediate impact is that reserves in the banking system
A) increase. B) decrease. C) are unaffected. D) first increase, then decrease. E) first decrease, then increase.