The internet auction site eBay is an example of a(n)
A) Sealed Bid Auction.
B) Second-Price Auction.
C) English Auction.
D) Both A and B.
D
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The incidence of sales tax is determined by the
A) level of government (for example, local, state, or federal) which imposes the tax. B) federal government in all cases. C) greed of the sellers. D) price elasticities of supply and demand.
A government program that attempts to stimulate growth in the production of goods in which the country has a potential future comparative advantage is an example of a(n) ________ policy
A) primary-export-led B) import-substitution development C) outward-looking development D) linkage-effect
Which of the following is an advantage of having centralized ownership and responsibility for capital goods?
a. It allows firms to avoid the depreciation cost of capital equipment. b. It increases the capital per worker ratio. c. It spreads the investment risk associated with acquisition of capital goods. d. It resolves the problem of continuity.
All of the following statements about asymmetric information are true except
A. asymmetric information can only be solved through government intervention. B. asymmetric information creates market failures because it makes it harder for individuals to engage in transactions that would take place in the presence of perfect information. C. asymmetric information occurs when one party to a transaction has relevant information to the transaction that the other party does not have. D. asymmetric information occurs in the market for used cars and in the insurance market.