Economists have used the ultimatum game and the dictator game in experiments designed to determine
A) whether consumers believe it is fair for producers to raise the price of a product for which there is excess demand.
B) whether consumers understand the difference between implicit costs and explicit costs.
C) whether consumers understand the rule of equal marginal utility per dollar spent.
D) whether consumers care about fairness when they make decisions.
D
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The more elastic the demand for a good, the
A) less a sales tax lowers the price paid by buyers. B) more a sales tax lowers the price paid by buyers. C) less a sales tax raises the price paid by buyers. D) more a sales tax raises the price paid by buyers.
When determining interest rates, the loanable funds model is more useful when we are concerned with the determinants of the ________, and the money market model is more useful when we are concerned with the determinants of the ________
A) long-term real interest rate; short-term nominal interest rate B) short-term real interest rate; long-term nominal interest rate C) short-term real interest rate; short-term nominal interest rate D) long-term real interest rate; long-term nominal interest rate
Which of the following serves as the chairperson of the Federal Open Market Committee?
A. The chairperson of the Board of Governors B. The President of the Federal Reserve Bank of New York C. The U.S. Secretary of Treasury D. The Vice President of the United States
Inflation caused by a rise in the prices of inputs is referred to as:
A. Cost-push inflation B. Demand-pull inflation C. Unanticipated inflation D. Hyperinflation