The expected revenues in auctions with risk-averse bidders with independent private values will be:
A. English = Second price = First price = Dutch.
B. English > Second price > or < First price = Dutch.
C. English > Second price > First price = Dutch.
D. First price = Dutch > English = Second price.
Answer: D
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Which of the following events will increase long-run aggregate supply?
A) an increase in the interest rate B) an increase in resource prices C) a decrease in expected profit D) an advance in technology
Friedman's theory of the natural rate of unemployment and output
a. indicates the power of the central bank to target levels of unemployment. b. demonstrates the limits to the trade-off between inflation and unemployment. c. is the theoretical foundation for the monetarist belief that, in the long run, the influence of the money stock is primarily on the price level and other nominal variables. d. both b and c. e. all of the above.
Most individual's income peaks when they are about
A) 30. B) 40. C) 50. D) 60.
If the tax elasticity of supply is 0.6 and tax rates increase by 10 percent, the quantity of labor supplied will
A. Decrease by 1.67 percent. B. Increase by 6 percent. C. Decrease by 6 percent. D. Increase by 1.67 percent.