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Chapter3:

Quiz #1

Quiz #1

This activity contains 15 questions.

	Questions 1 and 2 refer to the following situation: Three players (one divider and two choosers) are going to divide a cake fairly using the lone divider method. The divider cuts the cake into three slices (s1, s2, and s3). If the choosers declarations are Chooser 1: {s2} and Chooser 2: {s3}, which of the following is a fair division of the cake?   Chooser 1 gets s3; Chooser 2 gets s2; Divider gets s1. Chooser 1 gets s2; Chooser 2 gets s3; Divider gets s1. Chooser 1 gets s2; Chooser 2 gets s1; Divider gets s3. Chooser 1 gets s1; Chooser 2 gets s2; Divider gets s3. None of the above

	Suppose the choosers value the slices as follows: Which of the following is a fair division of the cake?   Chooser 1 gets s3; Chooser 2 gets s2; Divider gets s1. Chooser 1 gets s2; Chooser 2 gets s3; Divider gets s1. Chooser 1 gets s2; Chooser 2 gets s1; Divider gets s3. Chooser 1 gets s1; Chooser 2 gets s2; Divider gets s3. None of the above

	Questions 3 through 6 refer to the following example: Four heirs (A, B, C, and D) must divide fairly an estate consisting of three items - a house, a cabin and a boat - using the method of sealed bids. The players' bids (in dollars) are: The original fair share of player B is worth   $62,000 $64,000 $62,500 $65,500 None of the above

	In the initial allocation, player B   gets the house and pays the estate $134,500. gets the boat and an additional $53,500 from the estate. gets the cabin and an additional $15,500 from the estate. gets $65,500 cash None of the above

	After the initial allocation to each player is made there is a surplus of   $6,000 $12,000 $24,000 $0 None of the above

	After all is said and done, the final allocation to player B is:   the house minus $128,500 in cash the house minus $134,500 in cash. the house plus $6,000 in cash. $65,500 in cash. None of the above

	Questions 7 through 12 refer to the following: Four players (A, B, C, and D) agree to divide the 15 items shown below by lining them up in order and using the method of markers. The player's bids are as indicated. Item 3   goes to C goes to B goes to A goes to D is left over

	Item 5   goes to A. goes to D. goes to C. goes to B. is left over

	Item 7   goes to A goes to C goes to D goes to B is left over

	Item 10   goes to B goes to A goes to C goes to D is left over

	Item 13   goes to B goes to A goes to C goes to D is left over

	Item 15   goes to B goes to A goes to C goes to D is left over

	An estate consisting of a car, a boat, a house and a collection of rare books must be divided fairly among five heirs. This type of problem is called   a discrete fair division problem a continuous fair division problem a mixed fair division problem the method of sealed bids None of the above

	Joe and Bill want to divide a cake using the divider-chooser method. They draw straws, and it is determined that Bill will be the divider and Joe the chooser. Assuming that each plays the game correctly, which of the following statements cannot be true? (Select "None of the above" if the other four statements are true.)   Joe believes that his share is worth 50% of the cake; Bill believes that his share is worth 50% of the cake. Bill believes that his share is worth 60% of the cake; Joe believes that his share is worth 50% of the cake. Joe believes that his share is worth 60% of the cake; Bill believes that his share is worth 50% of the cake. Bill believes that Joe's share is worth 50% of the cake; Joe believes that his share is worth 60% of the cake. None of the above

	Sue and Tom are getting a divorce. Except for the house they own very little of value so they agree to divide the house fairly using the method of sealed bids. Sue bids 100,000 and Tom bids 90,000. After all is said and done, the final outcome is   Sue gets the house and pays Tom 50,000 Sue gets the house and pays Tom 55,000 Sue gets the house and pays Tom 47,500 Sue gets the house and pays Tom 45,000 None of the above

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