Refer to the scenario above. If they are the only bidders in the auction and each of them uses his optimal strategy, who will win?
A) Tom
B) Bill
C) Jeff
D) Roger
D
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Socialism seeks to abolish the market-price system. In the economic way of thinking, socialism would therefore
A) generate tremendous economic growth. B) overcome scarcity. C) lead to a greater coordination among peoples' production and consumption plans. D) allow everybody the opportunity to seek their comparative advantage. E) accomplish none of the above.
Suppose you had to find the effect of seatbelt rules on road accident fatalities. Would you choose to run a randomized experiment or would it make sense to use natural experiments here? Explain
What will be an ideal response?
In comparing monopolistic competition to perfect competition, one can conclude that the lack of free entry is the key to having the ability to set price
Indicate whether the statement is true or false
When an economy is operating at its full employment rate of output:
a. the rate of unemployment will be zero. b. output will exceed the economy's maximum sustainable rate. c. the actual rate of unemployment will equal the natural rate. d. the economy's potential rate of output will exceed actual GDP.