Voters may be rationally ignorant about political issues because they:
a. don't realize how much they benefit from voting
b. underestimate the effect of their one vote
c. believe that the cost of gaining the information is greater than the benefit of having the information
d. all of the above
Answer: c. believe that the cost of gaining the information is greater than the benefit of having the information
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A decrease in the price level accompanied by no change in the money wage rate leads to ________ movement along the ________ aggregate supply curve
A) a downward; short-run B) an upward; short-run C) a downward; long-run D) an upward; long-run
An oligopolist operating with a kinked demand curve would expect rivals to match both its price increases and price decreases
a. True b. False Indicate whether the statement is true or false
When two nations agree to lower their tariffs against each other, they engage in
a. a customs union b. a free trade union c. geographical specialization d. a reciprocal agreement e. a comparative advantage
When competitive forces in an industry are weak,
a. the absence of competition generally leads to overproduction. b. prices may exceed the amount consumers are willing to pay. c. the operational efficiency of private firms will be enhanced. d. higher prices and less than optimal production may result.