Which of the following individuals received a Nobel Prize in economics for his work in behavioral economics?
A. Daniel Kahneman.
B. Richard Thaler.
C. John Wannamaker.
D. Richard Easterlin.
Answer: A
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If the Habakkuk thesis had been correct—unamended by Rosenberg, David and others—a long-run decline in the supply of agricultural productivity west of the Appalachians would be matched by a proportional
(a) decline in the productivity growth in eastern manufacturing. (b) increase in productivity in eastern manufacturing. (c) rise in American food imports. (d) rise in American exports of manufacturing.
The Golden Rule "Do unto others as you would have done unto you" is an example of the economic concept of:
A. marginal utility. B. altruism. C. reciprocity. D. selfishness.
Lump-sum taxes are equitable but not efficient
a. True b. False Indicate whether the statement is true or false
Suppose that Firms A and B each produce high-resolution computer monitors, but Firm A can do so at a lower cost. Cassie and David each want to purchase a high-resolution computer monitor, but David is willing to pay more than Cassie. If Firm A produces a monitor that Cassie buys but David does not, then the market outcome illustrates which of the following principles? (i) Free markets allocate
the supply of goods to the buyers who value them most highly, as measured by their willingness to pay. (ii) Free markets allocate the demand for goods to the sellers who can produce them at the least cost. a. (i) only b. (ii) only c. both (i) and (ii) d. neither (i) nor (ii)