A private auction is an auction in which
A) individuals know their own value of the good and everyone else's valuation, too.
B) individuals have their own valuation of the good but don't know everyone else's.
C) many auctions are auctioned off at the same time.
D) only one good is auctioned off.
B
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A currency board can ________ a country's ability to act as a lender of last resort
A) aggrandize B) limit C) enhance D) offset E) not affect
European banks began with which of the following?
a. Monarchs were the first bankers, lending out cash to help the poor learn a craft. b. Churches were the first bankers, lending out cash to help the poor learn a craft. c. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money. d. Fishermen were the first bankers, and the paper receipts they issued for the fish they stored in the hulls of their ships became valued as money.