Question 1

An example of an information asymmetry is when a worker knows more than his employer about his work effort.

Accepted Answer

A) True 
 B)False

Question 2

Studies of human decision-making have found that people do not give enough weight to a small number of vivid observations.

Accepted Answer

A) True 
 B)False

Question 3

The unanimity property states that the ranking between any two outcomes should not depend on whether some third outcome is available.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is an example of satisficing behavior?

Accepted Answer

A)  You continue studying for your economics exam until you believe you'll get a perfect score.
B)  You spend time looking over the lettuce at the grocery store in order to make sure you get the best head of lettuce.
C)  You briefly clean your room because that's all it takes to get it "clean enough."
D)  You carefully plan your day in order to get "the most out of life."E) B) and C)
F) A) and D)

Question 5

Borda count is a voting method often used in polls that rank sports teams.

Accepted Answer

A) True 
 B)False

Question 6

If preferences exhibit the property of transitivity,then

Accepted Answer

A)  the preferences are irrational.
B)  individuals prefer more government involvement in private markets than do people whose preferences are not transitive.
C)  preferences change over time more quickly than when preferences are not transitive.
D)  preferences satisfy one of the properties assumed to be desirable by Kenneth Arrow in Social Choice and Individual Values.E) C) and D)
F) B) and D)

Exam 22: Frontiers of Microeconomics

Which of the following is an example of satisficing behavior?

Correct Answer
verified

The unanimity property states that the ranking between any two outcomes should not depend on whether some third outcome is available.

Correct Answer
verified

An example of an information asymmetry is when a worker knows more than his employer about his work effort.

Correct Answer
verified

Borda count is a voting method often used in polls that rank sports teams.

Correct Answer
verified

Studies of human decision-making have found that people do not give enough weight to a small number of vivid observations.

Correct Answer
verified

If preferences exhibit the property of transitivity,then

Correct Answer
verified

Exam 22: Frontiers of Microeconomics

Which of the following is an example of satisficing behavior?

Correct AnswerverifiedShow Answer

The unanimity property states that the ranking between any two outcomes should not depend on whether some third outcome is available.

Correct AnswerverifiedShow Answer

An example of an information asymmetry is when a worker knows more than his employer about his work effort.

Correct AnswerverifiedShow Answer

Borda count is a voting method often used in polls that rank sports teams.

Correct AnswerverifiedShow Answer

Studies of human decision-making have found that people do not give enough weight to a small number of vivid observations.

Correct AnswerverifiedShow Answer

If preferences exhibit the property of transitivity,then

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified