Public choice theory predicts that
a) voters are rationally ignorant
b) voters are fully informed about the effects of policies
c) governments make choices that achieve an efficient provision of public goods
d) votes are based on reality, not perceptions
Ans: a) voters are rationally ignorant
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In a Nash-Cournot equilibrium where firms produce identical products with unequal costs,
A) the firm with lower costs charges a higher price. B) the firm with higher costs charges a higher price. C) the firm with lower costs produces more. D) the firm with higher costs produces more.
U.S. nominal GDP: a. has historically increased more slowly than real GDP. b. has historically increased more rapidly than real GDP. c. includes an estimate of the value of leisure time
d. includes an estimate of underground productive activity.