Rational ignorance refers to voter-citizens choosing to be uninformed about politics and government on an individual basis because
A) of apathy.
B) of ignorance.
C) of laziness.
D) they believe the benefits of becoming informed are greater than the costs.
E) they believe the benefits of becoming informed are less than the costs.
E
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Suppose the full-employment equilibrium real wage rate is $11 per hour while the actual real wage rate is $12 per hour. If the actual real wage rate does not change, then
A) job rationing will decrease. B) the production function will shift downward. C) job search will decline. D) job rationing will occur. E) a positive Okun Gap will occur.
A firm raises the price it charges. The firm's total revenue does not change. What can we conclude about the price elasticity of demand?
A) Demand is elastic. B) Demand is unit elastic. C) Demand is inelastic. D) Demand is perfectly elastic. E) Not enough information is given to conclude anything about price elasticity of demand.
Because the CPI overstates inflation,
A) when wages are linked to the CPI, workers' wages become too low as time passes. B) as time passes, government payments are increasingly lower than intended. C) as time passes, government outlays are increased by more than necessary to compensate for inflation. D) workers do not receive adequate compensation for price changes. E) most contracts use the GDP deflator to measure inflation.
The principle of diminishing marginal utility states that marginal utility:
A. is positive. B. falls after some point. C. is always falling. D. is negative.