TRUE/FALSE

1. In the formula for Bayes Theorem, if the w-probability is greater than zero then the a-probably is less than the b-probability

2. Posted offer markets with at least two sellers will generate prices that remain a little above prices from double auction markets

3. Running the price clock in a Dutch auction once will produce higher observed prices compared to running the clock twice

4. If the losers pay winners in a sealed bid auction, then they will eventually be willing to bid up to 50 percent more than the willing prize

5. With only one seller in a posted offer market, prices will tend to move upward toward the monopoly

6. Adjusting the concentration of sweet versus sour enabled rats to have a large negative income effect for sour water

7. A sales tax on luxury boats will impact the buyers more than the sellers of these boats; causing the buyers to pay more than half the cost of sales tax

8. If the unemployment rate drops, then the percentage of citizens participating in the labor market will rise

9. Suppose income taxes rise only on incomes over $250,000 annually. Then your after-tax income will be unaffected if your annual income is only $100,000