In 2009, the Nobel Prize in economics was awarded for work on the effectiveness of social norms in the management of commonly held property to:
A. Arthur Pigou.
B. Gary Becker.
C. Elinor Ostrom.
D. Ronald Coase.
C. Elinor Ostrom.
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Why does the production possibilities frontier have a bowed out shape rather than being a straight line?
What will be an ideal response?
A merger between the Ford Motor Company and General Motors would be an example of a
A) conglomerate merger. B) vertical merger. C) horizontal merger. D) trust.
Comment on the ability of a credible nominal anchor to allow policy makers to exploit a short-run trade-off between unemployment and inflation
What will be an ideal response?
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his implicit costs?
a. $26,000 b. $66,000 c. $78,000 d. $52,000 e. $72,000