The winner of a sealed-bid first-price auction is the participant who bid the ________ and pays the amount of the ________.
A) highest; second-highest bid
B) highest; bid
C) second-highest; bid
D) second-highest; second-highest bid
B) highest; bid
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Which of the following statements is true?
A) Production in a perfectly competitive market is efficient because resources in the market leave those sectors in which price cannot cover their costs of production and enter those sectors where price can cover their costs of production. B) Production in a perfectly competitive market is suboptimal because absence of free entry and exit of firms allows firms to specialize in only one particular industry. C) Production in a perfectly competitive market is Pareto inefficient because the government or a central planner carefully analyzes the needs and requirements of the society and instructs firms on what to produce and in what quantity. D) Production in a perfectly competitive market is Pareto efficient because the government or a central planner carefully analyzes the needs and requirements of the society and instructs firms on what to produce and in what quantity.
Before an uneven rise in prices Allan consumed five bread and six juice. After the price increase and with an increased welfare payment from the government Allan consumes four bread and seven juice
Does the government payment represent a true cost-of-living adjustment? A) Yes, if the two consumption bundles lie on the same indifference curve. B) Yes, if the second bundle yields more utility than the first. C) No, the first bundle is clearly preferred. D) Not enough information.
Labor productivity is derived by dividing GDP by
a. itself b. the capital-output ratio c. national income d. capital stock e. the quantity of labor
The Herfindahl index is calculated by adding the squared value of the market shares of all the firms in the industry.
Answer the following statement true (T) or false (F)