A second-price auction
a. is also called an English auction
b. is where the highest bidder wins and pays the amount of the next highest bid
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
b
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The hyperinflation of the Revolutionary War period was in part caused by the issuance of paper money with a face value in ______ of dollars
a. millions b. tens of millions c. hundreds of millions d. billions of dollars
Which of the following statements best describes trade-offs?
a. With a trade-off, it is necessary to give up some of one good to gain more of the other good. b. Trade-offs are not determined by the relative prices of the goods. c. A trade-off is always represented by a straight vertical line. d. A trade-off is always represented by a straight horizontal line.
The Golden Rule is an example of a private solution for
a. subsidizing higher education. b. internalizing externalities. c. increasing production. d. reducing scarcity.
The equipment and structures available to produce goods and services are called
a. physical capital. b. human capital. c. the production function. d. technology.