A Vickery auction is
a. Strategically equivalent to an English auction
b. Does not need to have bidders show up at the same time or place
c. All of the above
d. None of the above
c
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"Market clearing" refers to the case where
A) the purchase and sale plans of buyers and sellers are fully coordinated. B) quantity demanded equals quantity supplied. C) there is neither a shortage nor surplus of a good. D) all of the above.
The figure above shows the costs for the typical grower in the perfectly competitive turnip market. Currently, the price is $1,000 for a ton of turnips. In the long run, the market supply of turnips will ________
A) decrease and the price of a ton of turnips will fall to $600 B) increase and the turnip grower's economic profit will increase C) increase and the turnip grower's economic profit will decrease D) decrease and the price of a ton of turnips will rise to $1,200
The store of value function of money refers to the ability of money to
A) facilitate the exchange of goods and services. B) maintain its value over time. C) express relative scarcity. D) earn interest over time. E) increase its value over time.
Survey results indicate that support for the British National Health Service is quite strong:
a. even though a significant number of those surveyed are less concerned about equal access to care and more concerned about the quality of their own care. b. due to the narrowing of health inequalities across socioeconomic groups since its inception. c. with widespread support of the functioning of the National Institute of Health and Clinical Excellence (NICE), that guarantees medical treatment to all segments of the population regardless of cost or efficacy. d. even though the majority of those surveyed feel the quality of care would improve if patients could spend their own money for rationed services. e. because of reductions in the length of time that patients must wait for elective surgeries.