When a voter chooses to remain ignorant when the opportunity costs of gathering information outweigh the benefits, it is called:
A. irrational voting.
B. trigger mechanisms.
C. rational ignorance.
D. instinct theorem.
C. rational ignorance.
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The percentage of foreign-born people living in the U.S. continued to rise after the Civil War
Indicate whether the statement is true or false
The Federal Drug Administration slows the pace at which helpful medications reach the marketplace. The alternative of having the medication available to consumers earlier is an example of:
A. the opportunity cost of the Federal Drug Administration's regulation. B. how easy it is to identify and evaluate sunk costs. C. the marginal benefit of the Federal Drug Administration’s regulation. D. promoting consumer health in the population.
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. If you were the labor union, which type of "rules of play" would you prefer to divide the $50 surplus?
A. One-shot, sequential-move game with management as the first mover B. One-shot, sequential-move game with labor union as the first mover C. One-shot, simultaneous-move game and one-shot, sequential-move game with management as the first mover D. One-shot, simultaneous-move game
An increase in the general price level is termed:
a. the Consumer Price Index. b. inflation. c. deflation. d. stagflation. e. nominal pricing.