What does the saying "There is no such thing as a free lunch" mean?
a. free lunches were outlawed in 1920
b. You will receive a bill for the "free" lunch at a later date
c. free lunches often cause food poisoning
d. everything costs something
Ans: d. everything costs something
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In an experiment that employed the dictator game, economists at Cornell University gave student "allocators" the option of dividing $20 in only two ways (a) $18 for themselves and $2 to another student, or (b) $10 for themselves and $10 to anoth
student. What was one result from this experiment? A) Most allocators chose to give themselves $18 and $2 to the other students. B) A majority of the female allocators chose option (a); a majority of the male allocators chose option (b). C) Most of the allocators apparently valued acting fairly. D) Most of the students who were not allocators did not like having someone else make decisions for them.
Which of the following is not a determinant of an individual's marginal product?
A) talent B) money income C) experience D) educational level