Q:
A passage with three blanks, followed by five options, each containing one word, is given. Choose the word that can fill all the three blanks.
An __________ is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. Participants bid openly against one another, with each subsequent bid required to be higher than the previous bid. An auctioneer may announce prices, bidders may call out their bids themselves (or have a proxy call out a bid on their behalf), or bids may be submitted electronically with the highest current bid publicly displayed. In a Dutch ____________, the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot or until the seller's reserve price is met. In economic theory, an ____________ may refer to any mechanism or set of trading rules for exchange.
Answer & Explanation
Answer: B) Auction
Explanation: ‘Assets’ mean things that have earning power or some other value to their owner. ‘Auction’ means a public sale in which goods or property are sold to the highest bidder. ‘Autarky’ refers to the idea that a country should be self-sufficient and not take part in international trade. ‘Arbitrage’ means the simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms in order to take advantage of differing prices for the same asset. ‘Amortisation’ means the running down or payment of a loan by instalments. The given passage includes the presence of an ‘auctioneer’ who is defined as a person who conducts auctions by accepting bids and declaring goods sold. Thus, option 2 is the correct fit for all three blanks.
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