The rational-ignorance effect refers to the
a. lack of incentive voters have to become well-informed about candidates and issues because their vote is unlikely to affect the outcome of an election.
b. fact that most people choose to become just as well-informed when making choices as consumers as they do when making choices as voters.
c. lack of rational analysis on the part of voters when they choose not to become informed about candidates and issues even though this knowledge would produce great personal benefit to them.
d. problem of not enough information being supplied to voters because politicians are not spending enough on campaign adds to inform voters of their positions on issues.
A
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Which of the following statements about a well-maintained yard best conveys the general nature of the externality?
a. A well-maintained yard conveys a positive externality because it increases the home's market value. b. A well-maintained yard conveys a negative externality because it increases the property tax liability of the owner. c. A well-maintained yard conveys a positive externality because it increases the value of adjacent properties in the neighborhood. d. A well-maintained yard cannot provide any type of externality.
The supply of labor to one industry will decrease when
A) the price of leisure activities falls. B) the income effect dominates the substitution effect. C) the demand for labor falls in the industry. D) workers receive better employment opportunities in other industries.