More bidders increase the selling price at an oral auction because
a. bidders bid more aggressively
b. the true value of the winner is higher
c. the true values of the losers is higher
d. bidders shade their bids by less
c
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Refer to the scenario above. Suppose the economy is currently operating on the production function F2 and E2 is the level of employment in the country. If the demand curve for labor shifts to the left, ________
A) employment will remain unchanged at E1 B) output will increase from Y2 to Y3 C) employment will decrease from E2 to E1 D) employment will increase from E2 to E3
Assume that foreign capital flows into a nation rise due to expected increases in stock market appreciation. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the GDP Price Index and the nominal value of the domestic currency in the context of the Three-Sector-Model? a. The GDP Price Index rises and nominal value of the domestic
currency falls. b. The GDP Price Index falls and nominal value of the domestic currency remains the same. c. The GDP Price Index rises and nominal value of the domestic currency remains the same. d. The GDP Price Index rises and nominal value of the domestic currency rises. e. There is not enough information to determine what happens to these two macroeconomic variables.
Which of the following is true?
A) Entrepreneurs are under-represented among millionaires. B) All of the above are true. C) The parents of successful entrepreneurs almost always have at least a college education. D) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others.
Which of the following is true?
A) Changes in personal costs and benefits will exert a predictable influence on the choices of people. B) If the intentions behind a policy are good, you can be assured that the outcome will be desirable. C) If a good is provided free to an individual by government, its production will not consume valuable scarce resources. D) If one individual gains from an economic activity, then someone else must lose.