The results of running the dictator game experiments thousands of times have revealed to behavioral economists that:
A. people's sense of fairness is fairly uniform across the population.
B. most people have little concern for others when it comes to financial matters.
C. individual feelings about fairness and generosity vary widely across the population.
D. most people are willing to give more than they will keep for themselves.
Answer: C
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Disadvantages of decentralization are
A. intercommunity externalities. B. forgone scale economies in the provision of public goods. C. inefficient taxation. D. the lack of ability to redistribute income. E. all of these answer options are correct.
If the market clearing price of computer tablets falls from $400 to $300, and the market clearing output increases from 5 million to 7 million units,
A) demand decreased and supply remained unchanged. B) supply increased and demand remained unchanged. C) demand increased and supply remained unchanged. D) supply decreased and demand remained unchanged.
An expected increase in the future price of automobiles will lead to
A) an outward shift in demand for automobiles today. B) a reduction in the demand for gasoline today. C) a movement down the demand schedule for automobiles. D) no predictable impact on today's demand for automobiles.
Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. Under conditions of free trade, how much consumer surplus will there be?
A. $26,450 B. $26,650 C. $52,900 D. $53,300