In an English open outcry auction,
a. bidding opens at a high price and then the price falls until only one buyer remains
b. bids and offers may be made in any order
c. sellers with market power capture most of the benefit
d. sellers outnumber buyers
e. bidding opens at a low price and the price then increases until only one buyer remains
E
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The Fed's principal decision-making body, which directs buying and selling U. S. government securities, is known as the:
a. Federal Deposit Insurance Corporation. b. District Board of Governors. c. Federal Open Market Committee. d. Reserve Requirement Regulation Conference.
Short-run aggregate supply: a. is a fixed volume of output
b. reflects how much RGDP suppliers are willing and able to produce at different price levels. c. shifts only when the LRAS shifts. d. is not affected at all by the price level.
Economists predict the business cycle well enough that stabilization policy is likely to work despite lags in the effects of policy
a. True b. False Indicate whether the statement is true or false
If the money supply is $3,000, velocity is 4 and the price level is $2, then Real GDP is _____________ units of output. If the money supply doubled over a short time period to $6,000, the simple quantity theory of money would predict that ______________________
A) 3,000; the price level would double B) 6,000; Real GDP would double C) 625; the price level would be cut in half D) 6,000; the price level would double