Which economist won the Nobel Prize for using experiments to test the model of supply and demand?
A. Vernon Smith
B. Adam Smith
C. Alfred Marshall
D. Steven Levitt
A. Vernon Smith
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Spending on new housing, which economists refer to as residential fixed investment, is included in the consumption expenditures component of GDP
Indicate whether the statement is true or false
A pollution haven is
A) a place where people actually like pollution and view it as a positive externality. B) a location with weak environmental rules that attracts manufacturing companies due to decreased costs. C) a place that has very low worker wages. D) unattractive for multinational investment because of the ambient pollution.
Wages tend to be sticky
a. because of contracts, social norms, and notions of fairness. b. because of contracts, but not social norms or notions of fairness. c. because of social norms and notions of fairness, but not contracts. d. None of the above are correct.
If the Fed buys government bonds on the open market, which of the following will occur?
A. The money supply will contract. B. The market rate of interest on corporate bonds will increase. C. The market rate of interest on government bonds will increase. D. The interest rate will fall.