41) When two competitors try to make themselves identical, they are

A) appealing to rational ignorance.

B) trying to appeal to a maximum number of customers.

C) carrying out the principle of minimum differentiation.

D) Both answers B and C are correct.

E) Both answers A and B are correct.

42) Suppose Burger King builds a new store across the street from a McDonald's. This is an example of

A) the free-rider problem.

B) the principle of minimum differentiation.

C) the public provision of a good.

D) a public good.

E) rational ignorance on the part of Burger King.

43) Lowe's starts to offer free weekend carpentry classes because Home Depot does. This decision is an example of

A) the principle of minimum differentiation.

B) provision of a public good.

C) rational ignorance.

D) overproduction of a private good.

E) overproduction of a public good.

44) Bureaucrats

A) have no incentive to influence the quantity of public goods provided by the government.

B) have no role in the production of public goods.

C) attempt to maximize their budget.

D) make political policy.

E) are generally rationally ignorant about the size of their budget.

45) Voters typically are have information only about issues that have a perceptible effect on their well-being and tend not to have information about other issues. Behavior such as this is known as

A) voter preferences.

B) inefficient overprovision.

C) political competition.

D) rational ignorance.

E) the tragedy of voters.

46) It is rational for a voter to be ignorant about an issue unless the

A) voter is maximizing his or her well-being.

B) voter is a member of a political party.

C) issue is on the ballot.

D) issue has a perceptible effect on the voter's well-being.

E) voter worries about the tragedy of the free rider.

47) When Jean makes a decision NOT to obtain information about an issue that doesn't have a perceptible effect on her, Jean's choice is referred to as

A) rational exuberance.

B) irrational exuberance.

C) irrational intelligence.

D) rational ignorance.

E) the principle of minimum ignorance.

48) Rational ignorance is the decision NOT to

A) vote in elections.

B) acquire information because the marginal benefit of doing so exceeds the marginal cost.

C) acquire information because the marginal cost of doing so exceeds the expected marginal benefit.

D) acquire information because the marginal cost of doing so equals the expected marginal benefit.

E) follow the principle of minimum differentiation.

49) The concept of rational ignorance is defined as

A) the decision not to acquire knowledge because of high marginal cost.

B) the deceit by bureaucrats who fool politicians in order to maximize their budgets.

C) politicians not telling the voters the real truth to stay in office.

D) voters being kept from knowing the facts by bureaucrats.

E) bureaucrats not knowing the size of their budget.

50) Very few voters know the enormous cost of providing price supports to farmers. As a result, these voters most likely exhibit

A) the public provision of a good.

B) the principle of minimum differentiation.

C) rational ignorance.

D) the tragedy of the commons.

E) None of the above answers is correct.

41) When two competitors try to make themselves identical, they are

A) appealing to rational ignorance.

B) trying to appeal to a maximum number of customers.

C) carrying out the principle of minimum differentiation.

D) Both answers B and C are correct.

E) Both answers A and B are correct.

42) Suppose Burger King builds a new store across the street from a McDonald's. This is an example of

A) the free-rider problem.

B) the principle of minimum differentiation.

C) the public provision of a good.

D) a public good.

E) rational ignorance on the part of Burger King.

43) Lowe's starts to offer free weekend carpentry classes because Home Depot does. This decision is an example of

A) the principle of minimum differentiation.

B) provision of a public good.

C) rational ignorance.

D) overproduction of a private good.

E) overproduction of a public good.

44) Bureaucrats

A) have no incentive to influence the quantity of public goods provided by the government.

B) have no role in the production of public goods.

C) attempt to maximize their budget.

D) make political policy.

E) are generally rationally ignorant about the size of their budget.

45) Voters typically are have information only about issues that have a perceptible effect on their well-being and tend not to have information about other issues. Behavior such as this is known as

A) voter preferences.

B) inefficient overprovision.

C) political competition.

D) rational ignorance.

E) the tragedy of voters.

46) It is rational for a voter to be ignorant about an issue unless the

A) voter is maximizing his or her well-being.

B) voter is a member of a political party.

C) issue is on the ballot.

D) issue has a perceptible effect on the voter's well-being.

E) voter worries about the tragedy of the free rider.

47) When Jean makes a decision NOT to obtain information about an issue that doesn't have a perceptible effect on her, Jean's choice is referred to as

A) rational exuberance.

B) irrational exuberance.

C) irrational intelligence.

D) rational ignorance.

E) the principle of minimum ignorance.

48) Rational ignorance is the decision NOT to

A) vote in elections.

B) acquire information because the marginal benefit of doing so exceeds the marginal cost.

C) acquire information because the marginal cost of doing so exceeds the expected marginal benefit.

D) acquire information because the marginal cost of doing so equals the expected marginal benefit.

E) follow the principle of minimum differentiation.

49) The concept of rational ignorance is defined as

A) the decision not to acquire knowledge because of high marginal cost.

B) the deceit by bureaucrats who fool politicians in order to maximize their budgets.

C) politicians not telling the voters the real truth to stay in office.

D) voters being kept from knowing the facts by bureaucrats.

E) bureaucrats not knowing the size of their budget.

50) Very few voters know the enormous cost of providing price supports to farmers. As a result, these voters most likely exhibit

A) the public provision of a good.

B) the principle of minimum differentiation.

C) rational ignorance.

D) the tragedy of the commons.

E) None of the above answers is correct.

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