Laboratory experiments of the ultimatum games revealed that
A) participants' actions were always part of a Nash equilibrium.
B) participants always split the money equally.
C) the first mover always kept the smaller share.
D) the first mover always kept the largest share.
D
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Total revenue is equal to quantity multiplied by average revenue.
Answer the following statement true (T) or false (F)
A tax levied on the purchase of a specific good or service is
A) an excise tax. B) a consumption tax. C) a purchase tax. D) a value tax.
The money supply consists of
A) currency alone. B) currency and checking accounts. C) checking and savings accounts. D) currency and checking and savings accounts. E) checking accounts alone.
The theory of factor pricing uses supply-demand analysis.
Answer the following statement true (T) or false (F)