Rational ignorance exists primarily because
A) voters are apathetic.
B) politicians tend to voice the same general views, so there is no reason to learn more about the issues.
C) the costs of becoming informed outweigh the benefits of doing so.
D) any of the above
C
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The Federal Open Market Committee consists of the seven members of the ________, the president of the Federal Reserve Bank of New York, and ________
A) Council of Economic Advisors; four members of the U.S. Banking Committee B) Council of Economic Advisors; four presidents from the 11 Federal Reserve banks C) Federal Reserve's Board of Governors; four presidents from the other 11 Federal Reserve banks D) Federal Reserve's Board of Governors; four members of the Council of Economic Advisors
________ keeps the exchange rate fixed in the short run but then adjusts its value at regular intervals to account for supply and demand pressures
A) The European Monetary System B) A managed floating C) A crawling peg D) A crawling float
If a tripling of price triples the quantity of a good supplied, the price elasticity of supply is
a. 3 b. 300 c. 1 d. -1 e. -3
The long-run average cost of producing 19 units of output is $56, and the long-run average cost of producing 20 units is also $56. These numbers illustrate:
A. diseconomies of scale. B. constant returns to scale. C. decreasing marginal productivity. D. economies of scale.