If company A and B combine under single ownership of control, this would be a __________ merger.
A) horizontal
B) vertical
C) conglomerate
D) Herfindahl
E) There is not enough information to answer the question.
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GDP ignores transactions that take place in the underground economy
Indicate whether the statement is true or false
Consumer surplus measures
A) the extra amount that a consumer must pay to obtain a marginal unit of a good or service. B) the excess demand that consumers have when a price ceiling holds prices below their equilibrium. C) the benefit that consumers receive from a good or service beyond what they pay. D) gain or loss to consumers from price fixing.
Private property:
A. discourages cooperation because people don't want to part with what they own. B. discourages innovation, as people are often afraid to risk losing their own property. C. encourages owners to maintain or improve their property so as to preserve or enhance value. D. does everything indicated by the other answers.
The economist who won the Nobel Prize in Economics for his path-breaking analysis of the ways in which property rights, transaction costs and institutions affect the allocation of economic resources is:
A. John Nash. B. Arthur Cecil Pigou. C. Ronald Coase. D. Theodore Groves.