Which of the following is true?
A) Voters have a strong incentive to make well-informed choices when voting in state and federal elections.
B) Policies favored by a majority will assure that resources are allocated efficiently.
C) The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices.
D) Political action is based on voluntary exchange and mutual agreement.
C) The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices.
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The Sherman Act of 1890 was passed to prohibit
A) combinations, trusts, or conspiracies to restrict interstate or international trade. B) monopolization or attempts to monopolize interstate or international trade. C) both of the above. D) neither of the above.
In the long run in a monopolistic competitive industry,
a. economic profits will be positive. b. price will be driven to zero. c. the firm will not operate where MR = MC. d. economic profit will be zero. e. price will exceed average cost.
If a certain automotive part can be purchased in Mexico for 32 pesos or in the United States for $5.25, and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part:
A. is more expensive in the United States. B. costs the same in Mexico and the United States. C. is more expensive in Mexico. D. is less expensive in the United States.
If Josylnn can make $70,000 as an accountant, $50,000 as a school teacher, $20,000 as a cook, and nothing as an opera singer, she has a comparative advantage in
A. opera singing. B. being a cook. C. being a school teacher. D. accounting.