Pluralistic ignorance exists when
A) the members of a group believe one thing but mistakenly assume that most of the other members believe something else.
B) a group of bystanders all agree that something needs to be done but each feels less personal responsibility for taking action because each perceives that there are others who could take action.
C) a majority of people in a group do not have the intellectual capacity of arriving at a viable solution to a public goods problem.
D) the least-capable member of a group exerts his influence over the rest of the group when trying to arrive at a decision on how to internalize an externality.
A
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Protectionist policies such as tariffs and quotas are beneficial to the nation imposing those trade barriers
a. True b. False Indicate whether the statement is true or false
When the exchange rate for a currency rises so that the currency trades for more of other currencies, it is said to be depreciating
a. True b. False Indicate whether the statement is true or false
Refer to the figure above. When the demand curve for gas is D2 and the supply curve of gas is S, the equilibrium quantity is:
A) 50 gallons. B) 70 gallons. C) 20 gallons. D) 40 gallons.
The IS curve slopes upward because
a. as income rises, savings rise and consumption falls, decreasing output. b. as interest rates rise, the money supply rises, increasing output. c. as interest rates rise, planned investment must fall, increasing output. d. as income increases, money demand rises, which increases interest rates.