According to the textbook, if students are graded on a curve so that each student's grade depends upon their performance relative to other students, the resulting positional arms race are partially offset by social norms that:
A. encourage people to save money for college.
B. encourage everyone to study hard.
C. award only the very top performers.
D. discourage studying by labeling hard-working students as "nerds".
Answer: C
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An English auction is
a. A sealed auction b. An oral auction c. An auction where bidders submit decreasing bids d. All of the above
Refer to Scenario 9.1 below to answer the question(s) that follow. SCENARIO 9.1: Amy borrowed $20,000 from her parents to open a bagel shop. She pays her parents a 5% yearly return on the money they lent her. Her other yearly fixed costs equal $9,000. Her variable costs equal $30,000. In her first year, Amy sold 40,000 dozen at a price of $1.50 per dozen. Refer to Scenario 9.1. Amy's total fixed costs equal
A. $1,000. B. $9,000. C. $10,000. D. $21,000.