The rational-ignorance effect is a result of
a. externalities that lead to an excess supply of information.
b. the limited incentive of the news media to cover political campaigns.
c. the expectation of individual voters that their vote will not be decisive.
d. the lack of a college education on the part of most voters in the United States.
C
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A tariff is a tax placed on
a. an exported good and it lowers the domestic price of the good below the world price. b. an exported good and it ensures that the domestic price of the good stays the same as the world price. c. an imported good and it lowers the domestic price of the good below the world price. d. an imported good and it raises the domestic price of the good above the world price.
In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods and services.
A) equals B) is less than C) may be greater than or less than D) is greater than
Sharing music files is not a(n)
a. victimless crime b. example of decisions about the use of capital c. issue regarding intellectual property d. current problem e. important issue for the Recording Industry of America
Explain the concept of diminishing returns
What will be an ideal response?