In an auction where the bidders values are $400, $500, $650, $800 and $850, the highest two bidders form a bid-rigging cartel. What would be the winning bid in this auction?

In a closed economy, the supply of goods and services must be equal to:

A. consumption. B. consumption + investment. C. consumption + investment + government purchases. D. consumption + investment + government purchases ? taxes.

Suppose the Federal Reserve decides to increase the proportion of deposits that banks must hold from 1% to 3%. Which monetary policy tool is it using?

a) Reserve requirements b) Discount rate c) Open market operations d) Infrastructure spending