Under what circumstances would a voter rationally choose to be ignorant rather than informed of the public choices at hand in an election?
a. When the benefit consumers anticipate from becoming informed and voting exceeds the cost.
b. When information and the time required to acquire and digest it are scarce, consumers concentrate on public choices rather than private choices.
c. When information and the time required to acquire and digest it are scarce, consumers concentrate on private choices rather than public choices.
d. When the anticipated benefit from voting to consumers is lower than the cost.
c
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The most direct way in which money eliminates the need for a double coincidence of wants is through its use as a medium of exchange
Indicate whether the statement is true or false
The graph shown demonstrates a tax on buyers. How many fewer units are being sold due to the imposition of a tax on this market?
A. 6
B. 9
C. 3
D. 12
Under which conditions might diseconomies of scale result?
A. improved coordination brought about by bureaucracy B. increasing price of inputs C. increasing output prices D. usage of a large amount of indivisible inputs by the firm
An economic force given relatively free rein by society to work through the market is a:
A. market force. B. price mechanism. C. social force. D. political force.