Rational ignorance
A) refers to attempts by special interests to use government action to make themselves better off at the expense of others.
B) explains the Arrow impossibility theorem.
C) helps to explain why rent seeking by special interest groups occurs.
D) explains why consumers ignore sunk costs when they vote.
C
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Without an accepted medium of exchange, people
A) have to specialize in one area of production. B) have to resort to barter in order to exchange goods and services. C) have to rely on gold or silver in order to exchange goods and services. D) can efficiently obtain goods and services.
The real wage rate will fall if the
A) labor supply curve shifts rightward and the labor demand curve does not shift. B) labor supply curve shifts leftward and the labor demand curve does not shift. C) labor demand curve shifts rightward and the labor supply curve does not shift. D) labor demand curve shifts rightward more than the labor supply curve shifts rightward.
The average height of a professional basketball player is 6 feet, 2 inches while the average height of a professional jockey is 5 feet. If we translate this information into the context and concepts associated with international trade, we can say that
a. each has an absolute advantage over the other in their professional sport b. because of the height advantage, the basketball player can do both better than the jockey, but has a comparative advantage in basketball c. because of the height disadvantage, the jockey has no absolute advantage d. basketball is a more efficient sport than horse racing e. racing is a more efficient sport than basketball
competition is present when
What will be an ideal response?