Maurice Allais, Reinhard Selten, and Vernon Smith all were awarded the Nobel Prize in Economics in part because
A) they proved that external economies would lead to market failure.
B) of their work on the substitution and income effects of price changes.
C) of their work with experimental economics.
D) they discovered the first example of a Giffen good.
C
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When tax revenue exceed the government's outlays, the budget
A) has a deficit and the national debt is increasing. B) is balanced and the national debt is decreasing. C) has a surplus and the national debt is decreasing. D) has a surplus and the national debt is increasing. E) None of the above because by law tax revenue cannot exceed the government's expenditures.
How might the increase in the natural rate of unemployment in Europe be related to the increase in income inequality in the United States?
What will be an ideal response?
The CEO and stockholders talk almost everyday
Indicate whether the statement is true or false
A firm that has merged with many other firms producing a variety of goods unrelated to each other
a. faces higher risks than if it specialized in one and focused on it b. increases its market share in the industry c. cannot maximize profit although it does maximize sales d. cannot survive in the long run e. is a conglomerate