Many eligible voters do not vote, and many who do vote don't read the biographies of candidates before they vote. These are examples of
a. the median-voter model
b. representative government
c. rational ignorance
d. stupidity
e. laziness
C
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In 1913, Congress established the Federal Reserve system with the intention of putting an end to
A) high unemployment rates. B) bank panics. C) high interest rates. D) inflation.
If production displays constant returns to scale, then all economies of scale have been exhausted
Indicate whether the statement is true or false
Neither positive nor negative supply shocks a. Change AD
b. Permanently change real output in an economy. c. Change the price level in the long run. d. Do any of the above
Discrepancies in profitability tempt rivals to charge the more profitable consumers somewhat lower prices in order to lure them away from the firm that is “overcharging” them. This practice is referred to as
A. collusion. B. price dealing. C. skimming. D. market penetration.