Auction markets usually
a. cause a shortage because there is more than one bidder for an item
b. cause a surplus because auctions seldom sell off all the items at the auction
c. fail to clear the market
d. arrive at an equilibrium price within minutes for each item auctioned
e. are unfair and for this reason have been regulated by government
D
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Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.
In an economy which produces two goods X and Y, using two inputs L and K, efficient input use occurs when
A) MRTSLKX = MRSLKY B) MRTXY = MRSXY C) MRSX/PX = MRSY/PY D) MRTSLKX = MRTSLKY