If the products of two firms are homogeneous, then they
A. Are perfect substitutes.
B. Are costless to produce.
C. Must be used together.
D. Differ from each other.
Answer: A
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________ in the domestic interest rate causes the demand for domestic assets to shift to the ________ and the domestic currency to depreciate, everything else held constant
A) An increase; right B) An increase; left C) A decrease; right D) A decrease; left
A second-price auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
In an economy without government or trade, it must be true that:
A. savings equals investment. B. consumption equals savings plus investment. C. consumption plus savings equal investment. D. consumption plus investment equal national savings.
Which of the following statements about markets is true?
a. Markets reduce the opportunity costs of making exchanges. b. Markets expand the range of buyers and sellers available as counterparties. c. Markets increase the transaction costs of making exchanges. d. Markets increase the costs of information.