Assuming the standard assumptions, in a repeated-play ultimatum game, the first player's best strategy in the last round is to:
A. split the money evenly with a bit more going to him or herself.
B. take all the money for oneself.
C. give the most money to the opponent.
D. give the most money to oneself.
Answer: D
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The market demand curve is
a. any individual consumer's demand curve multiplied by the number of consumers in the market b. a relationship between total income and total quantity demanded c. the horizontal sum of the individual demand curves of all consumers in the market d. the vertical sum of the individual demand curves of all consumers in the market e. the sum of the prices paid at each quantity demanded
An economy produces 10X, 20Y, and 30Z in a year. Base-year prices for these goods are $1, $2, and $3, respectively. Current-year prices for these goods are $2, $3, and $4, respectively. What is Real GDP?
A) $180 B) $200 C) $140 D) $240 E) none of the above