Which of the following is an experiment which tests whether fairness is important in consumer decision making?
A) the fair trade principle
B) the ultimatum game
C) the preferential treatment game
D) the behavioral experiment
Answer: B
You might also like to view...
During the 1987-88 expansion period interest rates in the United States rose as did the rate of investment in the economy. These facts suggest
A) the simple accelerator effect and the effects of higher interest rates complemented each other to raise output growth. B) the simple accelerator effect and the effects of lower interest rates complemented each other to lower output growth. C) the effects of the accelerator were greater than those of increased interest rates. D) the effects of the accelerator were smaller than those of increased interest rates.
A phenomenon called Moore's law says:
A. computing capacity has doubled every two years. B. physical capital will double every two years in countries with high rates of growth. C. 70 divided by the growth rate equals how long it will take a country to double its income level. D. 70 divided by the growth rate equals how long it will take a country to double its productive capacity.
A quota raises the price of the product on which the quota has been placed, decreases consumers' surplus, increases producers' surplus, and generates tariff revenue for the government
Indicate whether the statement is true or false
The invisible hand concept used to describe the guiding function of prices was developed by:
a. Henry George b. Milton Friedman c. Adam Smith d. John Kenneth Galbraith