Rational ignorance suggests that
a) it is easier to aim at the median voter because it is a less costly strategy for the politicians
b) low voter turnout is due to a lack of understanding of the importance of political platforms
c) all voters will pursue information about each issue before voting
d) all voters will be ignorant on issues that are not of special interest to them
Ans: d) all voters will be ignorant on issues that are not of special interest to them
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Economists are concerned that a large cost to nations entering into a monetary union is:
A) the inability to collect taxes. B) the inability to rescue banks or stimulate the economy via a lender-of-last-resort mechanism. C) the tendency toward ever higher deficits. D) sticky prices.
Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the
A) supply of gasoline would increase. B) demand for gasoline would increase. C) equilibrium price of gasoline would rise. D) Both answers A and C are correct.