People with less education are:
A. more likely to be unemployed than people with more education.
B. less likely to be unemployed than people with more education.
C. just as likely to be unemployed than people with more education.
D. not comparable to people with more education.
A. more likely to be unemployed than people with more education.
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Consider the same ultimatum game as in the previous question but consider some new preferences reflecting a desire for fairness. In particular, now assume players get 1 util per dollar earned but lose 1/4 util for the absolute difference between their monetary payoffs. Which of the following is an offer that arises in a subgame-perfect equilibrium with these new preferences?
a. 1. b. 2. c. 4. d. 5.
Explain how an increase in the Mexican demand for American goods leads to a change in the Mexican peso relative to the U.S. dollar
Refer to the below graph of the market for wheat. The government adopts a price support program for wheat, and supports the wheat price at P2. As a result of this price support program:
A. There will be a shortage of wheat in the amount of AB
B. There will be a surplus of wheat in the amount of Q1Q2
C. There will be a surplus of wheat in the amount of Q0Q2
D. Wheat farmers will receive less total income than if there were no price support program
Some college students have claimed that because their incomes will be higher as a result of attending college, there is no opportunity cost of attending college. Do you agree? Explain.
What will be an ideal response?