The larger the number of bidders in an open outcry Dutch auction, ________
A) the lower is the maximum willingness to pay of each bidder
B) the smaller is the consumer surplus earned by the winner
C) the larger is the quantity offered by the auctioneer for auction
D) the lower is the value of the starting bid
B
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An important function of commercial banks is to _____
a. print new currency b. issue fiat money c. mint coins d. redeem currency for precious metals e. make loans
Economist B says all of the following: Expansionary fiscal policy is needed to raise aggregate demand and remove the economy from a recessionary gap. The choice of fiscal policy measures is between more government spending and a ___________ in taxes. Since I am in favor of smaller government, I choose a __________________ in __________________
A) rise; decrease; government spending B) rise; cut; taxes C) decrease; rise; government spending D) decrease; cut; taxes E) none of the above