Maurice Allais, Reinhard Selten, and Vernon Smith all were awarded the Nobel Prize in Economics in part because
A) of their work with experimental economics.
B) they discovered the first example of a Giffen good.
C) of their work on the substitution and income effects of price changes.
D) they proved that external economies would lead to market failure.
Answer: A
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An ambientstandard
a. specifies a pollution limit and lets polluters choose the technology to achieve that limit b. designates the equipment or control method that must be used to abate pollution c. assures that the least-cost abatement approach will be used by all polluters d. none of the above
Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced. B) too little of an exclusive good is produced. C) too much of a nonexclusive good is produced. D) too little of a nonexclusive good is produced.
If a firm increases production, then its:
A. variable costs rise. B. fixed costs stay the same. C. total costs increase. D. All of these are true.
What percentage of the total government expenditures of the United States is undertaken at the federal level?
a. approximately 20 percent b. approximately 40 percent c. approximately 60 percent d. approximately 80 percent