Rational ignorance suggests that voters will
A) be ignorant about all issues.
B) be ignorant about issues that are of no special interest to them.
C) pursue information on all issues before voting.
D) avoid voting if they have no information.
B
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Refer to Table 18.1. The opportunity cost of a glove in Russia is
A) 1/8 of a hat. B) 1/3 of a hat. C) 3 hats. D) 8 hats.
Which of the following is true?
a. A lower price will increase your consumer surplus by the amount you were buying originally, times the reduction in the price. b. A lower price will leave unchanged your consumer surplus for each of the units you were already consuming, but will increase consumer surplus from increased purchases at the lower price. c. A lower price will decrease your producer surplus for each of the units you were producing, but will not change producer surplus by changing the quantity sold. d. None of the above is true.