As a manager holding an auction with correlated or common values, you want buyers to place bids that are ________ their estimated valuations and sellers to place bids that are ________ their estimated costs.
A) close to; close to
B) close to; far from
C) far from; close to
D) far from; far from
A) close to; close to
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If a country has a comparative advantage in wine moved from autarky to free trade, this would cause what reaction in the world market?
A. Foreign wine producers would be opposed. B. Domestic wine consumers would be opposed. C. Domestic wine producers would be opposed. D. Domestic wine consumers would not be influenced.
A price ceiling set below the equilibrium price creates a shortage
a. True b. False Indicate whether the statement is true or false
A legal system that protects private property and enforces contracts in an even-handed manner helps promote economic growth because it
What will be an ideal response?
How do critics of stabilization policy view the “political business cycle”?
A. They suggest shorter election cycles would improve stabilization. B. They believe that politicians cause economic instability, due mainly to the election schedule. C. They believe that the Fed can resist political pressure and stabilize the economy. D. They believe that politicians do not know enough economics in order to stabilize the economy.