Refer to the scenario above. If Joseph prefers fairness to money, ________
A) he will not accept any offer made by Phillip
B) he will always accept any offer made to him
C) he will accept the offer if offered an equal share of the money
D) Phillip will offer the minimum amount of money to Joseph
C
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Suppose the current price of a pound of steak is $6 per pound and the equilibrium price is $9 per pound. What takes place?
A) There is a shortage, so the price rises and quantity demanded increases. B) There is a shortage, so the price falls and quantity demanded increases. C) There is a surplus, so the price falls and quantity demanded increases. D) There is a shortage, so the price falls and quantity demanded decreases. E) There is a shortage, so the price rises and quantity demanded decreases.
The marginal benefit of a good or service
A) increases as more is consumed. B) decreases as more is consumed C) remains constant as more is consumed. D) decreases as less is consumed
Suppose you have two investments to choose from:
1, A one-year $20,000 zero coupon bond 2, A two-year $20,000 zero coupon bond What is the difference between the prices of these bonds if the interest rate rises from 4% to 5%? A) You would lose $167.39 more on the two year bond. B) You would lose $167.39 more on the one year bond. C) You would gain $350.54 more on the two year bond. D) You would lose $183.15 more on the one year bond.
The American Revolution and Constitution resulted in
(a) a dramatic change in laws and the ownership of property. (b) greatly expanded rights for wage workers and indentured servants. (c) the elimination of a land-owning aristocracy. (d) very little major change with respect to laws and ownership of property, though there was a strengthening of property rights.