Is a typical person likely to gather more information when buying a new computer or when voting for a member of the U.S. Senate? Why?
What will be an ideal response?
The typical person is likely to gather more information when buying a new computer as he or she will be significantly and immediately affected by this decision. When voting for a member of the Senate, the person is only one of many voters and his or her vote is therefore diluted among all other votes and is likely to have very little impact. Because of this, there is little incentive to invest the time and energy to gather information about the candidates.
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If both rich and poor families pay 25 percent of their income in taxes, the tax scheme is ________
A) proportional B) regressive C) negative D) progressive
Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics reports or 1 sales call, which of the following would NOT be a mutually agreeable terms of trade for Sandy and Tim?
A) 1 economics report for 1 sales call B) 1 sales call for 3 economics reports C) 1 sales call for 4 economics reports D) 1 economics report for 1/4 of a sales call
The World Bank's view of the effectiveness of industrial policies in East Asia is that, in general, they
A) hindered growth. B) had little or no effect on growth. C) encouraged growth. D) are the main factor in the success of the East Asian economies.
A decrease in the price level in Japan will shift the U.S. aggregate demand curve outward.
Answer the following statement true (T) or false (F)