Rational (political) ignorance refers to
A) some voters choosing not to vote in elections.
B) the fact that some voters are not smart enough to be informed on political issues.
C) the state of not acquiring information about politics and government because the costs of acquiring the information are greater than the benefits.
D) political candidates deliberately saying "dumb" things during their campaign.
E) none of the above
C
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Which of the following is a result of a market economy?
A) voluntary exchange B) an equal income distribution C) agreement on equity D) environmental protection
Assume that the central bank purchases government securities in the open market. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and reserve-related (central bank) transactions in the context of the Three-Sector-Model?
a. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions remains the same. b. The quantity of real loanable funds per time period falls, and reserve-related (central bank) transactions become more negative (or less positive). c. The quantity of real loanable funds per time period rises, and reserve-related (central bank) transactions remains the same. d. There is not enough information to determine what happens to these two macroeconomic variables. e. The quantity of real loanable funds per time period and reserve-related (central bank) transactions remain the same.
Suppose that in each of four successive years producers sell more of their product and at lower prices. This could be explained:
A. by small annual increases in supply accompanied by large annual increases in demand. B. in terms of a stable supply curve and increasing demand. C. in terms of a stable demand curve and increasing supply. D. as an exception to the law of supply.
Refer to the above table. Which of the following statements is correct?
A. The table follows economic principles because in an increasing cost industry, increases in a variable input will lead to increase in output. B. The table does not follow economic principles because in an increasing cost industry, increases in a variable input will lead to decrease in output. C. The table does not follow economic principles because the law of diminishing marginal product predicts that increase in a variable input will eventually lead to an increase in the marginal physical product. D. The table follows economic principles because the law of diminishing marginal product predicts that increase in a variable input will eventually lead to a decrease in the marginal physical product.