Relative to private firms, we should expect public bureaus to be
a. smaller
b. more cost-efficient
c. less responsive to consumer demand
d. more concerned with adopting new technologies
e. more in tune with consumer desires
C
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The decision not to acquire information because the cost of acquiring the information exceeds the expected benefit from the information is known as
A) rational ignorance. B) the principle of minimum differentiation. C) public choice theory. D) inefficient provision.
Does the presence of asymmetric information necessarily imply that governments should intervene in a market?
What will be an ideal response?
The Coase theorem states that
a. under certain circumstances government intervention is not needed to reach efficient outcomes when an externality is present. b. government intervention is always required to reach an efficient outcome when an externality is present. c. government intervention cannot lead to an efficient outcome when an externality is present. d. only negative externalities can be resolved using government intervention.
Which of the following includes everyone in the adult population that the Bureau of Labor Statistics counts as "unemployed"?
a. anyone who is not employed b. anyone who is not employed, is available for work, and has looked for work in the past four weeks c. anyone who is not employed, is available for work, has looked for work in the past four weeks, and anyone who is waiting to be recalled from a job from which they have been laid off d. anyone who is not employed, is available for work, has looked for work in the past four weeks, anyone who is waiting to be recalled from a job from which they have been laid off, and anyone who is employed part time and has searched for full time employment in the past 4 weeks