Rational ignorance says that voters will
A) understand the technology before voting on defense.
B) vote on issues without having complete information.
C) gather information on issues that are not important.
D) not vote on issues that they do not understand.
B
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Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending Elite U is:
A. $20,000 B. $50,000 C. $70,000 D. $15,000
The restriction or prohibition of trade in order to put political pressure on a country is:
A. a tariff. B. unfair practice. C. a source of quota rent. D. an embargo.
A new technology that increases the productivity of teachers has what effect on the labor market for teachers?
a. The wage rate will rise, and quantity of teachers employed will fall. b. The wage rate will rise, and quantity of teachers employed will rise. c. The wage rate will fall, and quantity of teachers employed will fall. d. The wage rate will fall, and quantity of teachers employed will rise. e. There is not enough information to determine what effects there are, if any.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30