Voters may choose to remain uninformed about an issue because of:
A. the special-interest effect.
B. rational ignorance.
C. bureaucratic inefficiency.
D. the shortsightedness effect.
Answer: B
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Which of the following situations is used as a justification for government?
A. negative externalities B. removal from the prisoner's dilemma C. nonexcludable goods D. positive externalities E. all of the above
In a perfectly competitive market with 75 non-identical firms producing at market price p1
A) the supply curve is flatter than if there were only 35 identical firms. B) the supply curve is more elastic than if there were only 25 identical firms. C) the supply curve is more inelastic than if the firms were identical. D) All of the above.
Which of the following people would be officially counted as unemployed?
a. A person who works only 5 hours per week for pay. b. A full-time college student who chooses not to have a paying job. c. A family member who works 20 hours per week without pay. d. A jobless high-school graduate who is actively looking for work.
Which of the following is not an example of efficiency wages?
a. More productive workers are paid more to reflect their higher output. b. Higher wages induce higher output from workers. c. Better quality applicants apply for jobs that pay above-equilibrium wages. d. Workers are less likely to leave jobs that pay above-equilibrium wages.