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Quiz

AUCTIONS: What are the Four Primary Types of Auctions? (Part Two)

This quiz on – Auctions – provides you with information on the four primary types of auctions; and when it is best to use each one of them. Enjoy completing the quiz; and leave your score, comments and up-vote in the section below. Good luck.

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  • It is important for a seller to select the most suitable type of auction, which is best used for selling that particular type of item (or offering).

    • Yes
    • No
  • What is the most common type of auction – in which participants bid openly against one another, with each subsequent bid required to be higher than the previous bid?

    • The open auction with ascending price.
    • The open auction with descending price.
    • The first-price, sealed-bid auction.
    • The sealed-bid, second-price auction.
  • Which form, or type of auction, is best used for selling the following types of goods: antiques, artwork, second-hand goods, precious jewels, cars and real-estate?

    • The First-Price, Sealed-Bid auction
    • The Open, Ascending-Price auction
    • The Open, Descending-Price auction
    • The Sealed-Bid, Second-Price auction
  • Which type of auction, is most commonly used in: a) the tendering for procurement of government contracts by companies; and b) for auctions of mining leases and oil-drilling leases?

    • The First-Price, Sealed-Bid auction
    • The Open, Ascending-Price auction
    • The Open, Descending-Price auction
    • The Sealed-Bid, Second-Price auction
  • Which type of auction, is best used for selling: a) perishable commodities, such as – fresh fish, meat, flowers, tobacco; and b) for selling several identical goods simultaneously to an equal number of high bidders?

    • The First-Price, Sealed-Bid auction
    • The Open, Ascending-Price auction
    • The Open, Descending-Price auction
    • The Sealed-Bid, Second-Price auction
  • Which type of auction process, is most commonly used in automated digital sales contexts: in real-time bidding sales for online advertising; and in certain blockchains?

    • The First-Price, Sealed-Bid auction
    • The Open, Ascending-Price auction
    • The Open, Descending-Price auction
    • The Sealed-Bid, Second-Price auction
  • What is the common name, or technical name, for: the open, ascending-price auction?

    • The Blind auction
    • The Dutch auction
    • The English auction
    • The Vickrey auction
  • What is the technical name, or common name, for: an open, descending-price auction?

    • The Blind auction
    • The Dutch auction
    • The English auction
    • The Vickrey auction
  • What is the common name, or other name, for: the first-price, sealed-bid auction (ie a FPSB auction)?

    • The Blind auction
    • The Dutch auction
    • The English auction
    • The Vickrey auction
  • What is the common name, or technical name, for: a sealed-bid, second-price auction (ie a SBSP auction)?

    • The Blind auction
    • The Dutch auction
    • The English auction
    • The Vickrey auction

What do you think?

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