As applied to voter behavior, the "rational ignorance" hypothesis claims
A) voters will have no incentive to be informed of political issues.
B) voters will stop gathering information once the marginal costs exceed the marginal benefits.
C) voters only vote on the basis of their instinctual or gut feelings.
D) voters are selfish.
B
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Imposing a tax on an activity that generates an external benefit will cause participants in the activity to increase the amount of the activity undertaken
a. True b. False
If the dollar depreciates relative to other currencies, which of the following is true? a. It takes more of the other currency to buy a dollar
b. It takes less of the other currency to buy a dollar. c. There is no change in the amount of the currency needed to buy a dollar. d. Not enough information to determine.
The Gauss-Markov theorem will not hold if _____.
A. the error term has the same variance given any values of the explanatory variables B. the error term has an expected value of zero given any values of the independent variables C. the independent variables have exact linear relationships among them D. the regression model relies on the method of random sampling for collection of data
If demand is perfectly inelastic, the price elasticity of demand is equal to:
A. 1. B. 0. C. infinity. D. a negative number between 0 and infinity.