Economic activity moves from a trough into a period of ________ until it reaches a ________ and then into a period of ________.

All of the following statements regarding rational ignorance are true except

a) combined with special interest groups, it yields inefficiency in the provision of public goods b) it allows special interest groups to exert political influence c) it leads to an efficient outcome d) none of the above

An increase in a fixed exchange rate from $2.00 per pound to $2.10 per pound is called a(n) ________ of the pound

A) devaluation B) appreciation C) revaluation D) depreciation