Rational ignorance is
A) a result of our educational system.
B) the curtain, or wall, of knowledge between the persons that are educated and those that are not.
C) the curtain behind which people choose to hide to avoid knowledge about poverty and, in general, the unequal distribution of income.
D) the curtain separating educated voters from uneducated voters.
E) none of the above
E
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Every spring, motorists do more driving than during the winter months. Every spring, the price of gasoline increases and the motorists buy more gasoline. This experience suggests that the
A) "law of supply" does not always hold for necessities like gasoline. B) "law of demand" does not always hold for necessities like gasoline. C) laws of supply and demand are both contradicted for gasoline, though only during the spring driving season. D) None of the above answers are correct.
The Fed buys securities and gives the bank a check for the amount. After the check has cleared,
A) reserves remain unchanged because the increase of reserves at the bank are offset by an increase in reserves at the Fed. B) reserves have decreased by the amount of the check because the Fed pays for the check by decreasing the bank's deposits at the Fed. C) reserves have increased by the amount of the check because the Fed pays for the check by increasing the amount of the bank's deposits with the Fed. D) reserves have increased by the amount of the reserves multiplied by the required reserve ratio, and the quantity of money increases by the difference between the amount of the check and the increase in the reserves.