Neuroeconomics is a new field of economics motivated by the speculation that studying the human neural system can lead to:
A. a true mathematical model of utility theory.
B. a unified theory of decision making.
C. better laboratory experiments.
D. tenure.
B. a unified theory of decision making.
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Compared to the 1910-1960 period, during the past 50 years the severity of macroeconomic fluctuations has
a. increased. b. decreased. c. changed little. d. increased, but the general level of prices has been more stable.
Goods that are not excludable are usually
a. higher priced than excludable goods. b. higher priced than rival goods. c. in short supply. d. free of charge.
Following adjustments to a new equilibrium in a market, the market clearing price remains unchanged, but the equilibrium quantity is now lower. Which of the following could definitely have caused this outcome?
A) Demand and supply both increased. B) Demand and supply both decreased. C) Demand increased, and supply decreased. D) Demand decreased, and supply increased.
Which of the following is most likely to be a natural monopoly?
A. Aircraft manufacturing B. Auto manufacturing C. Electric utilities D. Steel production