State whether the following statements are true or false and explain your answer in each case in no more than 3 lines. (6 questions, 5 points each, 30 points total) A seller will always get identical revenue whether she runs an English auction or a first price sealed bid auction. With one dimensional policy space and any type of preference structure, the social choice following a majority voting system will select the outcome most preferred by the median voter. With the right set of endowments, any Pareto Efficient allocation can be achieved as a competitive general equilibrium. In repeated games, cooperation becomes harder to achieve as the players become more patient (i.e. the discount factor becomes higher). When prospective employees are able to signal their ability, employers are no better off, employees with lower productivity are definitely worse off, and even employees with higher productivity might be worse off. Under a Rawlsian social welfare function , a society with one million poor people with a utility of 10, has the same social welfare as a society with 999,999 rich people with a utility of 1000 and one poor person with a utility of 10