All but one of the following economists were awarded a Nobel prize for their contributions to experimental economics and their explorations of the influence fairness has on consumer decision-making
Which economist did not receive a Nobel Prize for this work?
A) Daniel Kahneman B) Vernon Smith C) Alan Krueger D) Maurice Allais
C
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Suppose the demand for money becomes less sensitive to changes in the interest rate
In moving along an LM curve, an increase in income must be accompanied by a ________ change in the interest rate than before, meaning that the LM curve has become ________. A) greater, steeper B) greater, flatter C) smaller, steeper D) smaller, flatter
A price searcher is any firm that has no control over price and must accept the market price as given
a. True b. False
Progressive taxation serves which of the following goals of economic welfare policy?
A. Social insurance B. Economic growth C. Progressive taxation has all of these goals aimed at reducing inequality. D. Redistribution of wealth
Suppose that the economy is producing below potential GDP and the Fed implements the correct change in monetary policy, but not until after the economy has passed the trough of the recession. Then
A) the Fed's contractionary policy may result in too large of a decrease in GDP. B) the Fed's contractionary policy may result in too small of a decrease in GDP. C) the Fed's expansionary policy may result in too small of a decrease in GDP. D) the Fed's expansionary policy may result in too large of an increase in GDP.