Suppose, in Game 1, Jack places two $5 bills into two envelopes (one in each). But just before he gives the envelope to each recipient, he is told that actually each dollar given to one of the recipients (call this recipient Person A) will become $2 and each dollargiven to the other recipient (call this recipient Person B) remains the same (i.e. will not be doubled).

Do you agree with the following statement?

“It would be Pareto efficient if Jack gives both envelopes(i.e. $10 in total) to Person A and leave nothing to Person B“

Jack is asked to decide how to divide three apples and three oranges among three persons. Read the following statements regarding Pareto efficient allocations and select the correct one.

Do

you agree with the following statement and why?

“Each

recipient receives less in Game 2 than Game 1 because they have less power in

Game 2 when there are more recipients”.

Read the following statements regarding procedural judgments of fairness and select the correct one.

Read the following statements regarding substantive judgments of fairness and select the correct one.

Ali and Bilal are two neighboring farmers. Ali must decide whether to grow rice or cotton in this Kharif season, whereas Bilal must decide between rice, cotton, and maize. Their payoff matrix is given below. Based on the given information, read the following statements and select the correct one.

Ali and Bilal are two neighboring farmers. Ali must decide whether to grow rice or cotton in this Kharif season, whereas Bilal must decide between rice, cotton, and maize. Their payoff matrix is given below. Based on the given information, read the following statements and select the correct one.

The total effect is a decline in X left shoes purchased. The X is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)

Consider a worker whose choice is between hours of free time and consumption. His company has now cut his wage rate. Read the following statements and select the correct one.

The substitution effect is a decline in Y left shoes purchased. The Y is closest to: (Enter a whole number, with no special characters like dollar signs, and no letters.)