Rational ignorance might explain low voter turnout because people apply marginal analysis to voting
a. True
b. False
Indicate whether the statement is true or false
True
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If we compare the four sources of spending in the economy we see that
A) household consumption is the smallest. B) government expenditure is the largest. C) business investment is the largest. D) household consumption is the largest.
Many people believe that the study of economics is focused on money and financial markets. Based on your reading of the chapter, how would you define economics?
What will be an ideal response?
All of the following are reasons for an oligopoly to occur EXCEPT
A) economies to scale. B) barriers to entry. C) independence among firms. D) merger.
Answer the following questions true (T) or false (F)
1. A complete circular flow of the economy includes both the government sector and the financial markets. 2. Net exports of goods and services is equal to imports minus exports. 3. If personal income is equal to $3,000 and consumers spend $3,600, the level of savings in the economy would $600.