If you are participating in an open outcry English auction, you will win if ________.
A) you place a bid before the other bidders
B) you place the highest bid
C) you pay a fee to place a bid
D) you place the second-highest bid
Question 2
Suppose firms in Hong Kong can produce 40,000 plastic dolls or 80,000 squirt guns each week, while firms in Taiwan can produce 40,000 plastic dolls or 40,000 squirt guns each week. Therefore
A) People in Hong Kong sacrifice two dolls for every squirt gun produced.
B) People in Taiwan sacrifice two dolls for every squirt gun produced.
C) People in Hong Kong sacrifice 2 squirt guns for every doll produced.
D) none of the above are true.
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