1. Phillip is going for an interview for a job. He will have a higher bargaining
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Question
1. Phillip is going for an interview for a job. He will have a higher bargaining power if:
A.
he is a college freshman.
B.
there are several applicants.
C.
he is the only applicant.
D.
no other company has a job opening.
2. John,Jacob, Alex,and Maria participate in a first-pricesealed-bid auction for an iPod. John values the iPod at $400,Jacob values it at $300,Alex values it at $250,and Maria values it at $200.
Refer to the scenario above. The seller will earn a revenue of ________.
A.
$300
B.
$100
C.
$400
D.
$200
4. A ________ model of the household assumes that a family maximizes its happiness under a budget constraint that pools all of its income, wealth, and time.
A. tertiary
B. unitary
C. primary
D. secondary
Explanation / Answer
1. (c) Philip will have a higher bargaining power if he is the only applicant.
2. (c) Given that John values the ipod the highest, he will bid the highest price (400) and thus the seller will earn a revenuw of $400.
4. (b) Unitary model of the houselhold assumes that a family maximizes its happiness under a budget constraint that pools all of its income, wealth, and time.
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