Rational ignorance helps explain why
a. legislators often trade votes on key issues to produce positive-sum games between them
b. legislators usually disregard the desires of those constituencies that cannot influence their chances for reelection
c. voters spend considerable time and effort to gather information to protect themselves against legislators with hidden agendas
d. it is rational for legislators to ignore the wishes and desires of all of their constituents
e. voters may choose to remain ignorant of issues when there are large costs associated with becoming informed
E
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The principle economic cost of growth is
A. higher inflation rates. B. higher interest rates. C. investment in stocks and bonds. D. current consumption sacrificed for capital formation.
Which of the following statements is true?
A) There will be no change in unemployment if there is a leftward shift in the labor demand curve and there is wage rigidity, everything else remaining unchanged. B) Unemployment will be higher if there is a leftward shift in the labor demand curve and there is no wage rigidity, everything else remaining unchanged. C) Unemployment will be higher if there is a leftward shift in the labor demand curve and there is downward wage rigidity in the labor market, everything else remaining unchanged. D) There will be an increase in unemployment if there is a leftward shift in the labor demand curve and there is no wage rigidity, everything else remaining unchanged.
Economists call the physical cost of changing prices
A) menu costs. B) increasing profits. C) inflationary suffrage. D) the cost of doing business.
Which of the following equations is CORRECT?
A) accounting profit = total revenue - (explicit costs + implicit costs) B) normal profit = accounting profit + economic profit C) economic profit = accounting profit - implicit costs D) economic profit = accounting profit - explicit costs