A private auction is an auction in which
A) individuals know their own value of the good and everyone else's valuation, too.
B) individuals have their own valuation of the good but don't know everyone else's.
C) many auctions are auctioned off at the same time.
D) only one good is auctioned off.
B
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Refer to the above figure. Which one of the following statements is TRUE with regard to the economy depicted in the graph?
A) Point C cannot be produced. B) The best production point is 500 loaves of bread and 50 bales of wool. C) The total amount of resources it takes to produce 20 bales of wool and 500 loaves of bread is more than the amount of resources needed to produce 50 bales of wool and 250 loaves of bread. D) The total amount of resources it takes to produce 20 bales of wool and 500 loaves of bread is the same as the amount of resources needed to produce 50 bales of wool and 250 loaves of bread.
Rising unemployment and decreased business confidence could be signs that the economy is at the start of a(n):
A. recession. B. boom. C. recovery. D. expansion.
The Fed’s founders viewed the Fed as a means of maintaining the money supply during economic contractions and as a lender of last resort.
Answer the following statement true (T) or false (F)
The Illinois Central Railroad once asked the Illinois Commerce Commission for permission to increase its commuter rates by 20 percent. The railroad argued that declining revenues made this rate increase essential. Opponents of the rate increase contended
that the railroad's revenues would fall because of the rate hike. It can be concluded that: A. both groups felt that the demand was elastic but for different reasons. B. both groups felt that the demand was inelastic but for different reasons. C. the railroad felt that the demand for passenger service was inelastic and opponents of the rate increase felt it was elastic. D. the railroad felt that the demand for passenger service was elastic and opponents of the rate increase felt it was inelastic.