Economic engineering:
A) focuses exclusively on social factors that affect incentives.
B) is the process of designing markets and coordinating mechanisms to achieve a specific goal.
C) simulates virtual economies on the computer and lets coordination mechanisms emerge.
D) is a scientific approach to economics in contrast to the heuristic supply/demand model.
Correct Answer:
Verified
Q2: Behavioral economic policy:
A) builds on traditional economic
Q3: Traditional economics argues that people know what
Q4: Mechanism designers start by building models and
Q5: Which type of price is an implicit
Q6: Only money prices affect incentives; shadow prices
Q8: Economic science tries to design mechanisms to
Q9: Behavioral economists believe that people should smoke
Q10: Among economists, a basic economic policy debate
Q11: Which type of model can account for
Q12: An auction is an example of a
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