In a common-value setting
a. Oral auctions tend to return higher prices
b. Sealed bid auctions tend to return higher prices
c. Vickery auctions tend to return higher prices
d. Rotating bid auctions tend to return higher prices
Ans: a. Oral auctions tend to return higher prices
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The first step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
A rise in the domestic interest rate leads to capital
a. outflows and exchange rate appreciation. b. outflows and exchange rate depreciation. c. inflows and exchange rate depreciation. d. inflows and exchange rate appreciation.
This graph shows three different budget constraints: A, B, and C.
If Joe has budget constraint C in the graph shown, what is the relative price of three gallons of milk?
A. $12 B. 4 cases of soda C. $9 D. 2 cases of soda
An institution through which buyers and sellers interact and engage in exchange is
A. "laissez-faire." B. a market. C. a production frontier. D. a central authority.