‘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.
