T F 1. Without government regulation of the private economy, average income will not grow over time. T F 2. Posted offer markets with at least two sellers will generate prices that remain above prices from double auction markets. T F 3. Running the price clock in a Dutch auction once will produce higher observed prices compared to running the clock twice. T F 4. There is no way to increase average income in a society without growing the private economy faster than the growth in population. T F 5. If unemployed workers become so frustrated from being unable to find new full-time jobs, so they stop looking for jobs, then the unemployment rate will drop. T F 6. Adjusting the concentration of sweet versus sour enabled rats to have a large negative income effect for sour water. T F 7. No law can benefit somebody without making somebody else worse off, compared to a win-win percentage of 70 - 80% resulting from imperfect voluntary trading. T F 8. After an industry is controlled by a federal regulatory agency, companies in the industry can maintain their long run viability by continuing to focus on making better products or services. T F 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. T F 10. In order for observed prices to converge to competitive market clearing prices, the participants must understand what they are doing, so they don't make mistakes in their buying or selling decisions