Which of the following is true?
A) Voters have a strong incentive to make well-informed choices when voting in state and federal elections.
B) Policies favored by a majority will assure that resources are allocated efficiently.
C) The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices.
D) Political action is based on voluntary exchange and mutual agreement.
C) The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices.
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An increase in the price level reduces net exports because
A) it leads indirectly to a higher exchange rate. B) it leads indirectly to a lower exchange rate. C) it leads indirectly to a lower real interest rate. D) it leads directly to higher real money balances.
Oligopolistic agreements on price tend to be unstable because
a. although the monopoly price is the best price for all firms, oligopolists are unaware of this and thus charge prices that are lower than the price that could be charged by a monopolists, therefore, decreasing social welfare. b. although the monopoly price maximizes the joint profits of the firms, a secret price cut by any individual firm will increase the profits of that firm; hence, collusive agreements tend to break down. c. the demand for the products of oligopolistic industries is inherently unstable relative to the demand for the products of non-oligopolistic industries because demand for products in oligopolistic industries are dependent on changes in consumer tastes and preferences. d. firms in oligopolistic industries have more concern for consumers than do firms in competitive industries.
Innovation is the act of putting an invention to practical use.
Answer the following statement true (T) or false (F)
Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P 1 to P 2?
An increase in consumer incomes An increase in production costs An increase in the price of a substitute product A decrease in the price of a complementary product