L01 Key Concepts

Poll

Do you currently have access to our textbook?

• Yes!

• No, but my copy is on its way

• No, but I have a plan to obtain it soon

• No - I haven't gotten around to this task.

Word Cloud

What is a word or phrase that captures YOUR reasons for studying economics?

(Share 1 keyword, or maybe a 2-word phrase, that captures the main idea.)

Multiple Choice

SCENARIO: You fill out your "Allocator" game slip with your name and offering to SEND $380 to the Receiver. How much money do you get, assuming that the Receiver accepts your offer?

• $620

• $380

• $0

• There is not enough information to say.

Multiple Choice

SCENARIO: You fill out the Receiver slip stating that you will accept any offer of at least $200, and reject any amount less than that. You will receive:

• $800

• $200

• $0

• There is not enough information to say.

Multiple Choice

SCENARIO: You fill out the Receiver slip stating that you will accept any offer of at least $200, and reject any amount less than that. You are matched to an Allocator who offers you $400. You will get:

• $400

• $200

• $0

• There is not enough information to say.

Multiple Choice

SCENARIO: You fill out the Receiver slip stating that you will accept any offer of at least $200, and reject any amount less than that. You are matched to an Allocator who offers you $100. You will get:

• $100

• $200

• $0

• There is not enough information to say.

Multiple Choice

Under Policy 1, Ana's benefit is 200 and Bob's benefit is 700.

Under Policy 2, Ana's benefit is 400 and Bob's benefit is 400.

Which policy maximizes the TOTAL benefit of the two people?

• Policy 1

• Policy 2

• Both Policy 1 and Policy 2

• There is not enough information to say