Voters may choose to remain uninformed about an issue because of:
a. the special-interest effect.
b. rational ignorance.
c. bureaucratic inefficiency.
d. the shortsightedness effect.
b
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Total surplus is defined as
A) consumer surplus + producer surplus. B) consumer surplus - producer surplus. C) another word for profit. D) another word for total revenue.
Which of the following statements is true of rational expectations?
A) Rational expectations forecasts are always correct. B) For a trader with rational expectations, the expectation of an asset's price equals the optimal price forecast. C) If traders have rational expectations, any announcement by a company will have an effect on its stock price, even if the market was already aware of the facts being announced. D) If a trader really has rational expectations, he or she was always earn a greater than normal return on his or her financial portfolio.
Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs is called
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
The ________ tax rate is the tax rate paid on any additional income earned.
A. average B. total C. proportional D. marginal