In an experiment that employed the dictator game, economists at Cornell University gave student "allocators" the option of dividing $20 in only two ways (a) $18 for themselves and $2 to another student, or (b) $10 for themselves and $10 to anoth
student. What was one result from this experiment?
A) Most allocators chose to give themselves $18 and $2 to the other students.
B) A majority of the female allocators chose option (a); a majority of the male allocators chose option (b).
C) Most of the allocators apparently valued acting fairly.
D) Most of the students who were not allocators did not like having someone else make decisions for them.
C
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If textbook prices rise by 5% this year, and textbook purchases fall by 5% this year, then the price elasticity of demand is:
A) .05. B) .10. C) .55. D) .95. E) 1.0.
An oligopolist differs from a perfect competitor in that
A) the market demand curve for a perfectly competitive industry is perfectly elastic but it is downward-sloping in an oligopolistic industry. B) there is cutthroat competition in perfect competition but little competition in oligopoly because firms have significant market power. C) there are no entry barriers in perfect competition but there are entry barriers in oligopoly. D) firms in an oligopoly do not produce homogeneous products while firms in perfect competition do.
Refer to Table 19-17. What is nominal GDP in 2011?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Advocates of antipoverty programs claim that
a. the government has good information about what people are willing to pay to eliminate poverty. b. fighting poverty is a public good. c. private sector will incur higher costs than the public sector for these programs. d. All of the above are correct.