Another election cycle is coming up. Tangie is a very busy person, and like most voters, she displays rational ignorance. What does this mean Tangie is most likely to do?
a. Learn very little about the candidates and possibly not even vote.
b. Learn as much as she can about the issues but be unable to make a choice.
c. Learn as much as she can about the issues and cast her informed vote.
d. Learn very little about the issues, but spend hours campaigning for a candidate.
a. Learn very little about the candidates and possibly not even vote.
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Which of the following is true of the present value of an investment?
a. The higher the rate of interest the higher will be the present value of an investment. b. Present value of an investment is an increasing function of the time period of investment. c. The longer the time period of investment the lower will be its present value. d. Present value falls less than proportionately with the length of the delay in payment.
Suppose that you can schedule a worker for up to 4 hours per day. The total benefit and total cost functions are B(H) = 300H - 20H2 and C(H) = 500H + 60H2. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 300 - 40H and MC(H) = 500 + 120H. For how many hours should you schedule the worker?
A. 1.25 hours B. 0.8 hours C. 4 hours D. 0 hours
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
Fixed costs
A. Are constant in the short run. B. Increase as we move from the short run to the long run. C. Can be altered in the short run but not in the long run. D. Increase with the level of production in the short run.