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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In a situation of free trade
a. countries with comparative advantage will export more than countries with comparative disadvantage import. b. the total quantity of an item exported will be greater than the total quantity imported. c. importing countries will always produce some good, so that total quantity imported is less than total quantity exported. d. the total quantity of an item exported will equal the total quantity imported.
Which of the following is true of a perfectly competitive firm?
A. The firm is a price maker. B. If the firm wishes to maximize profits it will produce an output level in which marginal revenue exceeds marginal cost. C. The firm will not earn an economic profit in the long run. D. The firm's short-run supply curve is its MC curve below its AVC curve.