The rational-ignorance effect is a result of
What will be an ideal response?
the expectation of individual voters that their vote will not be decisive.
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The supply of land is
A) perfectly elastic. B) elastic, but not perfectly elastic. C) perfectly inelastic. D) inelastic, but not perfectly inelastic.
Profits of a monopoly are driven to zero
a. In the long-run as all assets are mobile in the long-run b. Immediately in the short-run as assets move from low-valued uses to high-valued uses instantly c. In the long run because the demand curve becomes more inelastic d. In the short run because the demand curve becomes more elastic
Because deadlines are frequently missed, budgets typically run from year to year based on _____
a. continuing resolutions b. budget resolutions c. congressional suggestions d. the suggestions of the President e. the suggestions of the President's Council of Economic Advisers
Studying how Joshua allocates his time between school and video games is an example of
A. industrial organization. B. microeconomics. C. macroeconomics. D. descriptive economics.