A second-price auction
a. is also called a Vickrey auction
b. is conducted by bidders submitting a single sealed bid
c. is where the highest bidder wins and pays the amount of the next highest bid
d. all of the above
d
You might also like to view...
If an economist claims there are substitutes for clean air, he is really saying
A) clean air is free air. B) there are costs to cleaning the air. C) nobody is truly harmed by unclean, polluted air. D) dirty air is better than clean air. E) economists don't care for clean air.
All else equal and given the current system of exchange rates, if the United States enters a period of exceptionally strong growth,
A) the pressure on the dollar is to revalue. B) the pressure on the dollar is to devalue. C) the pressure on the dollar is to depreciate. D) the pressure on the dollar is to appreciate. E) Both A and D.
What is one reason why it is can be easier for developing nations have greater economic growth than developed nations?
a. They usually have lower population growth, so their GDP per capita is higher. b. They tend to have higher rates of education than more developed nations. c. They typically enjoy better protection of property rights by their governments than developed nations. d. They can adopt technology already developed by more advanced countries.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.