What is the term that explains why voters often lack knowledge of pending legislation, and lack knowledge of the views of candidates for office on a range of issues that affect their own (the voters') welfare?
A) rational ignorance B) regulatory capture C) the voting paradox D) logrolling
A
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A flat tax which does NOT allow for deductions or credits is essentially a tax on
A) education. B) income. C) consumption. D) government expenditures.
Import restrictions due to the imposition of tariffs by the U.S. government
A) will ultimately cause inefficient resource allocation in the United States. B) will lead to lower incomes in the economy of U.S. trade partners. C) will lead to a decline in the quantity of the product consumed in the United States. D) all of the above are likely to occur
Which of the following is true?
A) Generally, the lower the country's average income, the less administrative, scientific, and technical capacity it has to design and enforce standards. B) National priorities do not change as income changes—countries of all income levels seem to share the same priorities and values. C) Differences in income are always an obstacle to the harmonization of standards. D) The adoption of a common set of rules usually narrows the market and raises prices.
Which of the following explains why employment only rises at a slow pace at the end of a recession?
A) Firms are hesitant to rehire laid off workers as they continue to operate below capacity. B) Firms rapidly hire new workers at the first sign of an increase in demand for their goods. C) Discouraged workers return to the labor force, and this makes the unemployment rate fall. D) Discouraged workers leave the labor force, and this makes the unemployment rate rise.