Which Economist Won the Nobel Prize for Using Experiments to Test

question 6

Multiple Choice

Which economist won the Nobel Prize for using experiments to test the model of supply and demand?

• A) Vernon Smith
• B) Adam Smith
• C) Alfred Marshall
• D) Steven Levitt

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Definitions:

Population Growth

The increase in the number of individuals in a population, usually expressed as an annual rate.

Standards Of Living

The level of wealth, comfort, material goods, and necessities available to a person, community, or nation, indicating the quality of life.

Demographic Transition

A model that describes the change from high birth and death rates to low birth and death rates as a country develops from a pre-industrial to an industrialized economic system.

Death Rates

The number of deaths per unit of population in a given time period, often used as an indicator of health and well-being in a community.