Rational ignorance is
A) a result of our educational system.
B) the curtain, or wall, of knowledge between the persons that are educated and those that are not.
C) the curtain behind which people choose to hide to avoid knowledge about poverty and, in general, the unequal distribution of income.
D) the curtain separating educated voters from uneducated voters.
E) none of the above
E
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In the above figure, the economy is at point a on the initial supply of loanable funds curve SLF0. What happens if real wealth decreases?
A) Nothing; the economy would remain at point a. B) There would be a movement to a point such as b on supply of loanable funds curve SLF0. C) The supply of loanable funds curve would shift rightward to a curve such as SLF2. D) The supply of loanable funds curve would shift leftward to a curve such as SLF1.
In July, market analysts predict that the price of gold will rise in August. What happens in the gold market in July, holding everything else constant?
A) The supply curve shifts to the right. B) The demand curve shifts to the left. C) The quantity demanded and the quantity supplied increase. D) The supply curve shifts to the left.
Unlike a perfectly competitive firm, for a monopolistically competitive firm
A) price ? marginal cost for all output levels. B) price ? average revenue for all output levels. C) price ? marginal revenue for all output levels. D) marginal revenue = marginal cost at the profit-maximizing output.
If Emma has a positive rate of time preference, she will
a. value the receipt of $10,000 twenty years from now just as much as she would value receipt of the $10,000 now. b. value the receipt of $10,000 twenty years from now more than she would value receipt of the $10,000 now. c. value the receipt of $10,000 twenty years from now less than she would value receipt of the $10,000 now. d. prefer to receive any amount of money now to the $10,000 twenty years from now.