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- Julie complains about the extremenoise in the factory. This is one of hygiene factors according to Herzberg Theory. True False Neither of the choices Either of the choicesAccording to Kenneth Arrow, there are minimum conditions to which a social choice rule (constitution) needs to conform to in order to be ethically acceptable. Explain these conditions. Does majority decisions rule conform to Arrows conditions?An insurance company is looking to provide a full coverage health insurance plan to the 10 professors in the economics department at the University of Alabama. Seven of these professors are in great health and will incur no medical expenses this year. Six professors have chronic conditions which require $5000 of medical care per year for each professor. a. If the insurance company is looking to insure the entire group, what will be the actuarially fair premium it charges? b. If professors have the option to enroll in the insurance plan, what will be the profit to the insurance company if it charges the premium in part (a)? c. Name the economic phenomenon occurring in this example.
- ____________ refers to an environment where the government guides the behavior of individuals in regards to economic decisions by establishing policies which alter costs and benefits. The Invisible Hand Indicative Planning Consumer Sovereignty Command PlanningWhy might the multiple-play ultimatum game have a different result than the single-play ultimatum game? In the multiple-play ultimatum game, the first player generally offers less money to the second player than in the single-play ultimatum game. The multiple-play ultimatum game leads to a simpler equilibrium: the first player offers exactly half of the total sum to the second player. The multiple-play ultimatum game allows for players to send signals. Therefore, the receiver can punish a player who doesn’t share enough. The multiple-play ultimatum game generally results in less cooperation because both players fall into a back-and-forth pattern of trying to punish the other player.multiple choice a justification for government intervention in the economy arises from the fact that market systems usually produce _ outcomes, but the do not need necessarily produce _ outcomes. a) efficient, equitable b) Equitable, efficient c)efficient, profitable D) profitable, equitable
- Economists describe a choice as: Group of answer choices A. a tradeoff B. human C. limited resource D. None of the above.Thelma owns a cat which wakes up her roommate Louise at 6am every morning. Thelma enjoys cat ownership, but Louise bears a cost of Thelma's ownership of the cat. Assuming that Louise has the legal right to sleep as long as she likes, which action is necessary? if Thelma's benefit exceeds Louise's cost, government intervention is necessary if Louise's cost exceeds Thelma 's benefit, Thelma will pay Louise to keep her cat Thelma will pay Louise to be able to keep the cat if her benefit exceeds Louise's cost if Louise has the legal right to sleep, she only has to pay Thelma when her cost is below Thelma's benefitA dangerous habit among those who own cell phones is driving while talking or texting. Although a great deal has been done to inform drivers of the risks of doing multiple tasks while driving, this informational campaign has been ineffective in the face of increased ownership of cell phones. If you were a policymaker, what types of negative incentives would you suggest to discourage individuals from driving and talking or texting at the same time?
- A well educated society can be considered which of the following, as it pertains to economics? Negative Externality Positive Externality Economic Relief Social WelfarePublic Good Contribution: Three players live in a town, and each can choose to contribute to fund a streetlamp. The value of having the streetlamp is 3 for each player, and the value of not having it is 0. The mayor asks each player to contribute either 1 or nothing. Each player makes a decision without knowing others’ contributions. If at least two players contribute then the lamp will be erected. If one player or no players contribute then the lamp will not be erected, in which case any person who contributed will not get his money back. Write down the strategy sets of each player, their payoffs, and find all pure-strategy Nash equilibria.Newsom has committed the state to a $990-million agreement with a China-based electric car company to produce 200 million protective masks. If you were an economics professor, what grade would you give Governor Newsom on his mask deal. Was the decision to pay high prices for PPE in the immediate aftermath of the onset of the virus a good financial decision? Is the evidence consistent with Newsom being corrupt and/or ignorant of basic economic theory?
