Public choice economists point out that under the idea of rational ignorance, people are likely to vote ______.
a. only if they think it will make a difference
b. for a losing candidate multiple times
c. only for someone they agree with on every issue
d. regardless of the burden it places on them
a. only if they think it will make a difference
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Mary purchased a stuffed animal toy for $5. After a few weeks, someone offered her $100 for the toy. Mary refused. One can conclude that Mary's consumer surplus from the toy is
A) less than $5. B) at least $95. C) at least $100. D) $105.
Other things remaining the same, if a nation's expected return on assets and inventories rises, the demand to hold money:
a. Falls. b. Rises. c. Does not change.
When OPEC raised the price of crude oil in the 1970s, it caused the
a. supply of gasoline to decrease. b. quantity of gasoline demanded to decrease. c. equilibrium price of gasoline to increase. d. All of the above are correct.
Which of the following would shift the demand curve for gasoline to the right?
a. a decrease in the price of gasoline b. an increase in consumer income, assuming gasoline is a normal good c. an increase in the price of cars, a complement for gasoline d. a decrease in the expected future price of gasoline