Which of the following Nobel laureates became known for the study of asymmetric information?
A) Gary Becker
B) Michael Spence
C) George Akerlof
D) Ronald Coase
Answer: C
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A baseball player who is currently batting .350 will increase his batting average on a day that he goes _____ at the plate
a. 1 for 4. b. 1 for 3. c. 2 for 5. d. 2 for 6.
If countries begin to specialize according to comparative advantage, a more efficient use of resources occurs. As a result, the world output of at least one good increases, with no decrease in the output of any other good
a. True b. False
Suppose that in an economy with lump-sum taxes and no international trade, autonomous investment spending increases by $2 million. If the marginal propensity to consume is 0.75, equilibrium gross domestic product will change by a maximum of
A) $0.5 million B) $1.5 million C) $2.0 million D) $8.0 million E) $15.0 million
In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:
A. decreasing political instability. B. decreasing population growth. C. increasing corruption. D. reducing investment.