Because information and the time required to acquire and digest it are scarce,
a. consumers concentrate on private choices rather than on public choices
b. consumers concentrate on public choices rather than on private choices
c. it is irrational for consumers to remain ignorant of the costs and benefits of government proposals
d. consumers have greater incentive to gather and act upon information about public choices than to gather and act upon information about their private choices
e. an individual voter has more incentive to examine the performance records of candidates for public office
A
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The ECB, like the U.S. Federal Reserve, is ______, and unlike the U.S. Federal Reserve, is not ______.
A) independent; a lender of last resort B) subject to scrutiny by the legislature; able to lend to large corporations C) dependent on congressional approval for its policies; committed to price stability D) able to lend to member governments; able to lend directly to banks
If nominal GDP in 2011 is greater than nominal GDP in 2010, the economy's real output of goods and services must have risen
a. True b. False Indicate whether the statement is true or false