Which price would you expect to rise the most in a high-income growing economy?
a. semiconductors for personal computers
b. tickets to a ballet performance
c. passenger automobiles
d. Blu-ray players
b
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Overbidding in a second-price sealed-bid auction is likely to result in a ________
A) negative consumer surplus B) positive consumer surplus C) zero producer surplus D) negative producer surplus
Describe how inflation can be costly even if it is anticipated
What will be an ideal response?
An improvement in technology would shift
a. the demand curve leftward b. the demand curve rightward c. the supply curve leftward d. neither the supply nor the demand curve; instead, there is movement along both of them e. the supply curve rightward
James has a comparative advantage in the production of corn, while Harry has a comparative advantage in the production of bread. If James and Harry decide to trade with each other, _____
a. both Harry and James will enjoy gains from trade b. only Harry will enjoy gains from trade c. only Harry will suffer losses from trade d. only James will suffer loses from trade e. neither of them will gain from trade