Economic reasoning suggests that individuals should spend little time learning about election candidates and other electoral issues because:
a. marginal benefit is zero.
b. the information cost is too high compared to the benefit to the individual.
c. information is easily available.
d. the result of the election are unlikely to have a serious impact on a market-driven economy.
B
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When floods wiped out the banana crop in Central America, the equili-brium price of bananas ________ and the equilibrium quantity of bananas ________
A. rose; increased B. rose; decreased C. fell; increased D. fell; decreased
According to Hughes and Cain (2011), American economic history is the story of economic growth. Economic growth
(a) necessarily means an improvement in the quality of life for all individuals. (b) does not necessarily measure an improvement in the quality of life; it merely indicates the potential for improvement. (c) as conventionally measured considers an employed person living in the pollution and congestion of modern Tokyo to be "worse off" than a sun-tanned artist watching another glorious sunset on the beach in Tahiti. (d) is measured by the increases in total output of goods and services less any environmental destruction that occurs in the process of production.