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New institutional economics: Quiz


Question 1: The ________, along with the contributions of Steven N.S. Cheung, established that without transaction costs alternative institutions can equivalently internalize conflicts and externalities.
Steven N. S. CheungCoase theoremLaw and economicsRonald Coase

Question 2: "new institutional economics," ________, 2nd Edition.
History of economic thoughtMathematical economicsThe New Palgrave Dictionary of EconomicsMilton Friedman

Question 3: At present NIE analyses are built on a more ________ set of methodological principles and criteria.
ComplexitySociologyComplex systemSystems theory

Question 4: Therefore, comparative institutional analysis (Demsetz, 1967, 1969; Aoki, 2001) is required to make recommendations about efficient internalization of externalities and institutional design, including ________.
Law and economicsEconometricsMicroeconomicsHeterodox economics

Question 5: New institutional economics (NIE) is an ________ perspective that attempts to extend economics by focusing on the social and legal norms and rules that underlie economic activity.
Keynesian economicsJEL classification codesMercantilismEconomy

Question 6: The term 'New Institutional Economics' was coined by ________ in 1975.
Leonid HurwiczOliver E. WilliamsonPaul KrugmanElinor Ostrom

Question 7: They work within a modified Neoclassical framework and depart from "old" or "critical" institutional economics, ________ often care about both efficiency and distribution issues.
AuthorEditingProofreadingCopy (written)

Question 8: NIE has its roots in ________'s fundamental insights in The Problem of Social Cost and The Nature of the Firm.
James HeckmanRonald CoaseMilton FriedmanJames M. Buchanan


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