As a rule, as a consumer acquires more and more of a good, the marginal utility declines.

The optimal bidding strategy in a second-price sealed-bid auction is similar to the optimal bidding strategy in a(n) ________ auction. In both auctions, dominant strategies are at work

A) open-outcry English B) open-outcry Dutch C) first-price sealed-bid D) penny

The predictive accuracy of relative purchasing power parity improves if:

a. Both countries have highly mobile capital markets. b. Both countries have central bank controls in place so that exchange rates change in an orderly manner. c. Both countries under consideration have high growth rates. d. Both countries are either developed or undeveloped (i.e., one is not developed and the other undeveloped). e. You only are predicting the qualitative change in exchange rates and not the specific exchange rate or quantitative change in the exchange rate.