All but one of the following people were awarded a Nobel prize for their contributions to experimental economics and their explorations of the influence fairness has on consumer decision-making. Which person did not receive a Nobel Prize for this work?
A) Vernon Smith
B) Alan Krueger
C) Daniel Kahneman
D) Maurice Allais
Answer: B
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Which of the following should be used to compare the incomes of countries with huge differences in cost of living?
A) Gross national product B) Exchange rate-based measure of income per capita C) Income per working age population D) PPP-based measure of income per capita
Assume that the supply curve for a commodity shifts to the right and the demand curve shifts to the left, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity. B) a higher price and quantity. C) a lower price and the same quantity. D) a higher price and the same quantity.
Which of the following is true of the Fed? a. The law lets the Fed decide how best to promote full employment and output in the U.S. economy. b. It relies heavily on Congressional appropriations
c. The president sits on the Board of Governors. d. Congress must approve any new monetary policy. e. The president must approve any new monetary policy.
An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world
a. 5 b. 10 c. 20 d. 27