Which of the following is a key difference between the dictator game and the ultimatum game?
A. The dictator game is played with real money; the ultimatum game is played with
hypothetical money.
B. In the dictator game, one person has total control over the split; in the ultimatum game,
both players have to agree to the split.
C. Results of dictator game experiments reveal that people don't care about fairness; results
of the ultimatum game indicate that they do care.
D. There is no difference between them; they are simply different names for the same game.
Answer: B
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Imperfect price discrimination occurs when a monopolist:
A. price discriminates but some buyers pay less than their reservation price. B. charges all buyers exactly their reservation price. C. price discriminates but some buyers pay more than their reservation price. D. charges a single price to all buyers.
If the regulator require a natural monopoly set its price equal to its marginal cost, that would ensure
A) an economic profit for the firm. B) zero economic profit for the firm. C) an economic loss for the firm. D) an accounting loss for the firms.
During the period from 1970 to the present, the U.S. economy experienced a Great Inflation, a Great Moderation, and a Great Recession. How does this sequence illustrate the concept of a "business cycle"?
What will be an ideal response?
If all resources are used efficiently to produce goods and services, a nation will find itself producing
a. inside its production possibilities frontier b. somewhere on its production possibilities frontier c. outside of its production possibilities frontier d. at one extreme end of its production possibilities frontier e. more of one product with no decrease in the production of any other product