Which of the following is true of a second-price sealed-bid auction?
A) Bidders directly compete with each other.
B) Bidders submit their bids simultaneously.
C) Bidders know each other's bid.
D) Bidders always bid above their willingness to pay.
B
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If we look at the nominal versus real wage rates paid to Presidents over time, we find that
A) the nominal wage has increased and decreased at different times because of inflation. B) George W. Bush's nominal wage is about equal to the average nominal wage paid all presidents. C) the real wage rate has steadily increased to $400,000 per year. D) George Washington was paid a higher real wage rate than Bill Clinton. E) George W. Bush is the highest paid according to real wage rates.
A consumer's budget line for food (F) and shelter (S) is represented as F = 250 - 5S. If this consumer's income increases by $10 and consumption of shelter remains unchanged, how many more units of shelter can be purchased at most?
A) 10 B) 20 C) 50 D) 2