An oral auction
a. is also called a Vickrey auction
b. is where bidders submit increasing bids until all but one remains
c. is where the highest bidder wins and pays the amount of the next highest bid
d. all of the above
b
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The nation's production possibilities frontier is bowed outward. Suppose that the government decides to increase the production of armaments by $20 billion, and that as a result the output of consumer goods falls by $20 billion
If a further $20 billion increase beyond the initial $20 billion increase in armaments output is sought, we can expect that the output of consumer goods and services will fall further by A) less than $20 billion. B) $20 billion. C) more than $20 billion. D) There is not enough information to determine the answer.
If there is an increase in demand for a good, what will most likely happen to the price and quantity of the good exchanged?
What will be an ideal response?
Given that C = $500 + 0.8YD, if the level of disposable income is $1,000, the level of saving is
A. $500. B. -$1,300. C. -$300. D. $300.
A decrease in the stock of capital will cause the
A. economy to move down the production possibility frontier. B. production possibility frontier to shift outward. C. economy to move closer to its production possibility frontier. D. production possibility frontier to shift inward.