If voters are rationally ignorant, then the interest of the bureaucracy to maximize its budget will result in an oversupply of a public good
Indicate whether the statement is true or false
TRUE
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In the United States, spending on residential construction
A) rose rapidly in the period just before the recession of 2007-2009, declined dramatically during the recession, and recovered rapidly thereafter. B) rose rapidly in the period just before the recession of 2007-2009, declined dramatically during the recession, and recovered only slowly thereafter. C) rose rapidly in the period just before the recession of 2007-2009, declined dramatically during the recession, and continued to decline slowly thereafter. D) rose slowly in the period just before the recession of 2007-2009, declined slowly during the recession, and recovered slowly thereafter.
In the United States, a patent lasts
A) 7 years. B) 14 years. C) 20 years. D) forever.
The introduction of credit cards and debit cards has ________ velocity.
A. decreased B. increased C. eliminated D. had no impact on
Suppose a perfectly competitive firm can produce 20,000 bushels of corn a year at an output at which marginal cost equals marginal revenue. The market price of corn per bushel is $2.00. The firm's total costs per year are $50,000 and fixed costs per year
are $25,000. In the short run, this firm should A) shut down. B) continue producing until the price of corn increases. C) produce 20,000 bushels of corn because, although they are losing money, they are losing less than if they shut down. D) produce 40,000 bushels to try to increase economic profit.