The theory of ____________ holds that people will not vote if the costs of becoming informed and voting are too high, or if they feel their vote will not be decisive in the election.
a. irrational voting
b. rational ignorance
c. mathematical ignorance
d. rational voting
b. rational ignorance
The theory of rational ignorance holds that people will not vote if the costs of becoming informed and voting are too high, or if they feel their vote will not be decisive in the election.
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Consumer income changes can shift market demand.
Answer the following statement true (T) or false (F)
A monopsonist can pick the ____, while a monopolist can pick ____
a. the price it will charge; the wage it will pay b. the wage it will pay; the price it will charge c. the market price for its output; the quantity it will produce d. marginal product of labor; the marginal cost of labor e. number of competitors; the number of buyers
Why does a change in GDP affect unit costs and the price level?
a. as GDP increases, productivity increases. b. as GDP increases the price of non-labor inputs increases and the nominal wage tends to increase. c. as GDP decreases, there are efficient gains d. as GDP increases, economies of scale allow for lower unit costs. e. as GDP increases the price of non-labor inputs decreases and the nominal wage tends to increase.