zzes - ECON-2302 6001 1 M X C chegg.com/homework-help/qur x |+ zzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=3082949&cfql=0&dnb=0&from Sharp differences m... MS Supply Chain Mana. ESTER EXAM ECON 2302 6001 Spring 2024 2:26:40 remain under no circumstances whatsoever. 24 Question 10 (2 points) Listen 27 Suppose Ryan and Rita were randomly shown the numbers 15 and 82, respectively, and then asked to estimate the price of an item about which they have relatively 30 limited knowledge. According to findings from behavioral economics, we would expect 33 Ryan to estimate a price higher than what Rita would estimate. the randomly shown numbers to have no influence on their estimates. 36 Ryan to estimate a price lower than what Rita would estimate. Ryan to estimate a price about the same as what Rita would estimate. 39 Question 11 (2 points) Listen 42 Suppose Faith and Mickey are playing both dictator and ultimatum games. Faith is the dictator/proposer and has $80 to allocate. Based on repeated experiments of the 45 dictator and ultimatum games, what payouts to Faith would be most consistent with the findings of behavioral economists? Faith receives $40 from the dictator game and $34 from the ultimatum game. Q. Search PRE hpRyan to estimate a price lower than what Rita would estimate. Ryan to estimate a price about the same as what Rita would estimate. Question 11 (2 points) () Listen Suppose Faith and Mickey are playing both dictator and ultimatum games. Faith is the dictator/proposer and has $80 to allocate. Based on repeated experiments of the dictator and ultimatum games, what payouts to Faith would be most consistent with the findings of behavioral economists? Faith receives $40 from the dictator game and $34 from the ultimatum game. Faith receives $40 from the dictator game and $40 from the ultimatum game. Faith receives $47 from the dictator game and $41 from the ultimatum game. Faith receives $80 from the dictator game and $60 from the ultimatum game. Question 12 (2 points) Listen How do behavioral economists and neoclassical economists differ with regard to errors in economic decision-making? There meaningful difference b n how they view Q Search G hp F10 8 num lk (5 16 7 9Sharp differences m... US Supply Chain Mana. STER EXAM ECON 2302 6001 Spring 2024 2:10:27 remaining Faith receives $47 from the dictator game and $41 from the ultimatum game. Faith receives $80 from the dictator game and $60 from the ultimatum game. Question 12 (2 points) Listen How do behavioral economists and neoclassical economists differ with regard to errors in economic decision-making? There is no meaningful difference between the two groups in how they view 12 errors. Behavioral economists view errors as an information problem; neoclassical economists view errors as the result of faulty decision-making processes. 15 O Behavioral economists view errors as systematic; neoclassical economists view errors as random. 18 Behavioral economists believe that the feedback from errors makes them self- correcting; neoclassical economists believe government policy is most appropriate for avoiding and correcting errors. 21 Question 13 (2 points) 24 Listen Suppose Achak and Bimisi play the ultimatum game for $10,000. If Achak is the proposer and Bimisi the responder, based on experiments with the ultimatum game, which is the most likely outcome that involves an accepted offer. Q Search Glizzes - ECON-2302 6001 1 M Suppose Faith and Mickey are p x | + uizzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=30829498cfql=0&dnb=0&fromQB=08 Sharp differences m... is Supply Chain Mana.. ESTER EXAM ECON 2302 6001 Spring 2024 2:10:24 remaining correcting; neoclassical economists believe government policy is most w appropriate for avoiding and correcting errors. Question 13 (2 points) 6 Listen Suppose Achak and Bimisi play the ultimatum game for $10,000. If Achak is the proposer and Bimisi the responder, based on experiments with the ultimatum game, which is the most likely outcome that involves an accepted offer. 12 $10,000 for Achak and $0 for Bimisi $8,000 for Achak and $2,000 for Bimisi 15 $0 for Achak and $10,000 for Bimisi $5,500 for Achak and $4,500 for Bimisi 18 Question 14 (2 points) Listen 21 What do neoclassical economics and behavioral economics believe about people's ability to resist temptation? 24 Both believe that people regularly succumb to temptation and impulse buying. Neoclassical economics believe people generally stick to their carefully calculated decisions; behavioral economics believe people resist temptation poorly and frente T Search PRE hpizzes - ECON-2302 6001 1 M X G Suppose Faith and Mickey are p x |+ izzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=30829498cfql=08dnb=0&fromQB=08 Sharp differences m... US Supply Chain Mana.. ESTER EXAM ECON 2302 6001 Spring 2024 2:10:22 remaining X Question 14 (2 points) () Listen What do neoclassical economics and behavioral economics believe about people's ability to resist temptation? 6 Both believe that people regularly succumb to temptation and impulse buying. Neoclassical economics believe people generally stick to their carefully calculated decisions; behavioral economics believe people resist temptation poorly and frequently buy on impulse. 12 Behavioral economics believe people generally stick to their carefully calculated decisions; neoclassical economics believe people resist temptation poorly and frequently buy on impulse. 15 Both believe that people generally do well at resisting temptation and impulse buying. 18 Question 15 (2 points) 21 Listen In the United States, peanut butter and jelly are viewed as complements. In other countries they are viewed as substitutes. If we investigate a new country, Elbonia, 24 and determine that their cross elasticity of peanut butter and jelly is 0.35, we can conclude that peanut butter and jelly are substitutes in Elbonia Q Search PRE hpking/user/attempt/quiz_start_frame_auto.d21?ou=1412343&ispry=&qi=3082949&cfgl=0&dnb=0& Sharp differences m... Supply Chain Mana.. STER EXAM ECON 2302 6001 Spring 2024 2:10:19 re Question 15 (2 points) Listen In the United States, peanut butter and jelly are viewed as complements. In other countries they are viewed as substitutes. If we investigate a new country, Elbonia, and determine that their cross elasticity of peanut butter and jelly is 0.35, we can conclude that peanut butter and jelly are substitutes in Elbonia. peanut butter and jelly are unrelated goods in Elbonia. both goods are normal goods in Elbonia. peanut butter and jelly are complements in Elbonia. Question 16 (2 points) Listen A 4 percent increase in the price of tea causes an 10 percent increase in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is -2.5 0.4. O -0.4 2.5 Q Search hpzzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=30829498cfql=0&dnb=0&fro Sharp differences m... Supply Chain Mana... STER EXAM ECON 2302 6001 Spring 2024 2:10:17 rem () both goods are normal goods in Elbonia. peanut butter and jelly are complements in Elbonia. Question 16 (2 points) Listen A 4 percent increase in the price of tea causes an 10 percent increase in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is Q-2.5. O 0.4. O-0.4 2.5. Question 17 (2 points) Listen Suppose the income elasticity of demand for jewelry is .50. Other things equal, a 6 percent increase in consumer income will decrease the quantity of jewelry purchased by 3 percent. decrease the quantity of jewelry purchased by 12 percent. increase the quantity of jewelry purchased by 12 percent. Q Search PRE hplizzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=30829498cfql=0&dnb=0&from Sharp differences m... NE Supply Chain Mana. STER EXAM ECON 2302 6001 Spring 2024 2:10:15 remain Question 17 (2 points) Listen Suppose the income elasticity of demand for jewelry is .50. Other things equal, a 6 percent increase in consumer income will decrease the quantity of jewelry purchased by 3 percent. decrease the quantity of jewelry purchased by 12 percent. increase the quantity of jewelry purchased by 12 percent. increase the quantity of jewelry purchased by 3 percent. Question 18 (2 points) Listen Suppose the income elasticity of demand for toys is -3.0. This means that a 6 percent increase in income will decrease the purchase of toys by 0.5 percent. a 6 percent increase in income will decrease the purchase of toys by 18 percent. toys are a normal good. a 6 percent increase in income will increase the purchase of toys by 0.5 percent. Question 19 (2 points) Listen Q Search PRE hpizzing/user/attempt/quiz start_frame_auto.d21?ou=1412343&isprv=&qi=3082949&cfql=0&dnb=0&from Sharp differences m... US Supply Chain Mana. STER EXAM ECON 2302 6001 Spring 2024 2:10:13 remain decrease the quantity of jewelry purchased by 3 percent. decrease the quantity of jewelry purchased by 12 percent. increase the quantity of jewelry purchased by 12 percent. increase the quantity of jewelry purchased by 3 percent. Question 18 (2 points) Listen Suppose the income elasticity of demand for toys is -3.0. This means that a 6 percent increase in income will decrease the purchase of toys by 0.5 percent. a 6 percent increase in income will decrease the purchase of toys by 18 percent. toys are a normal good. his a 6 percent increase in income will increase the purchase of toys by 0.5 percent. Question 19 (2 points) Listen If a 10 percent increase in the price of Good A results in an increase of 5 percent in the quantity demanded of Good B, then it can be concluded that Goods A and B are independent goods normal goods Q. Search PRE hp1 Mickey are p x + Jizzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=30829498cfql=08dnb=0&from Sharp differences m... US Supply Chain Mana. ESTER EXAM ECON 2302 6001 Spring 2024 2:10:11 remain a 6 percent increase in income will decrease the purchase of toys by 0.5 percent. a 6 percent increase in income will decrease the purchase of toys by 18 percent. O toys are a normal good. a 6 percent increase in income will increase the purchase of toys by 0.5 percent. Question 19 (2 points) () Listen If a 10 percent increase in the price of Good A results in an increase of 5 percent in 12 the quantity demanded of Good B, then it can be concluded that Goods A and B are independent goods. 15 O normal goods O complementary goods. 18 substitute goods. 21 Question 20 (2 points) Listen The income elasticity of demand for food is roughly 1. Suppose a consumer's 24 monthly income is $4,000. of which 18 percent is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be $890 per month. Q Search PRE hp1 1M X Suppose Faith and Mickey are p X + Jizzing/user/attempt/quiz_start_frame_auto.d21?ou=1412343&isprv=&qi=30829498cfql=08dnb=0&from Sharp differences m... Supply Chain Mana. ESTER EXAM ECON 2302 6001 Spring 2024 2:10:09 remainin () substitute goods. Question 20 (2 points) () Listen The income elasticity of demand for food is roughly 1. Suppose a consumer's monthly income is $4,000, of which 18 percent is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be $890 per month. 12 O $1,440 per month. O $1,250 per month. 15 $720 per month. Question 21 (2 points) 18 ) Listen Suppose the income elasticity of demand for toys is 2.4. This means that 21 an 4 percent increase in income will increase the purchase of toys by 1.67 percent. 24 toys are an inferior good. an 4 percent increase in income will decrease the purchase of toys by 9.6 O percent. an 4 percent increase in income will increase the purchase of toys by 96 Q Search PRE hp