To attract more bidders, and more aggressive bidders, to your common-value auction
a. withhold relevant information about the value of the object
b. allow bidders to know how others are bidding
c. do not allow potential bidders to examine the object too closely
d. do not hold oral auctions
b
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Your grandfather tells you that he earned $.50 per hour at his job when he was a boy in 1929
a. Given that the CPI was 17.1 in 1929 and 184.0 in 2003, how much would you have to make in 2003 to have the same real hourly wage? b. You made $5.50 an hour working during 2003 . Were you better off than your grandfather in terms of purchasing power? Explain. c. Your grandfather also tells you that a soda cost $.05 in 1929, and you know a soda cost $.55 in 2003 . You decide to use the price of a soda as the price index. How much would the 2003 "soda equivalent" of $.50 per hour in 1929 be?
GDP is not a perfect measure of well-being; for example,
a. GDP excludes the value of volunteer work. b. GDP does not address the distribution of income. c. GDP does not address environmental quality. d. All of the above are correct.