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Transaction cost: Quiz

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Question 1: In ________ and related disciplines, a transaction cost is a cost incurred in making an economic exchange (restated: the cost of participating in a market).
Keynesian economicsMoneyHeterodox economicsEconomics

Question 2: Often this involves considering as "transactions" not only the obvious cases of ________ and selling, but also day-to-day emotional interactions, informal gift exchanges, etc.
TradeSilk RoadInternational tradeFree trade

Question 3: Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate ________ and so on.
DuressContractDelegation (law)Sharia

Question 4: Oliver E. Williamson was awarded the 2009 ________
Nobel Memorial Prize in Economic SciencesFriedrich von HayekGary BeckerMilton Friedman

Question 5: In game theory this is analyzed for instance in the ________.
Evolutionarily stable strategyBest responseChicken (game)Nash equilibrium

Question 6: Starting with the broad definition, many economists then ask what kind of institutions (firms, markets, ________, etc.) minimize the transaction costs of producing and distributing a particular good or service.
United KingdomFranchisingAustraliaWorld Economic Forum

Question 7: The term "transaction cost" is frequently thought to have been coined by ________, who used it to develop a theoretical framework for predicting when certain economic tasks would be performed by firms, and when they would be performed on the market.
Milton FriedmanRonald CoaseJames M. BuchananJames Heckman

Question 8: For example, most people, when buying or selling a ________, must pay a commission to their broker; that commission is a transaction cost of doing the stock deal.
Stock exchangeStockPreferred stockStock market

Question 9: Often these relationships are categorized by the kind of ________ involved.
ContractDuressShariaDelegation (law)

Question 10: Arguably, transaction cost reasoning became most widely known through ________'s Transaction Cost Economics.
Oliver E. WilliamsonLeonid HurwiczPaul KrugmanElinor Ostrom







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