What is rational ignorance?
What will be an ideal response?
Rational ignorance is the voter's decision not to acquire information about an issue because the marginal cost of doing so exceeds the expected marginal benefit. Thus the voter remains (rationally) ignorant about the issue.
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Division of labor refers to
A) dividing tasks up into several subtasks and having one person perform these subtasks in a certain order. B) the separation of hourly workers from salaried workers. C) assigning different workers to different tasks. D) separating union workers from nonunion workers.
Exhibit 15-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 15-4, the opportunity cost to Brazil of producing one pound of coffee is:
A. 1 pound of tea. B. 5 pounds of tea. C. 1/2 pound of tea. D. 10 pounds of tea.
Externalities may be internalized by
A. government-imposed taxes and subsidies. B. regulation. C. legal rules and procedures. D. All of the choices are correct.
If inflation in the rest of the world is lower than inflation in Brazil, Brazil's currency (the real) would tend to appreciate
Indicate whether the statement is true or false