Question 1

Why do many prospective voters choose to watch sports on television rather than watching the news or political roundtables? In your answer, be sure to mention the role played by rational ignorance.

Accepted Answer

The answer of Why do many prospective voters choose to...

Question 2

The answer is: "rational ignorance." What is the question?

Accepted Answer

Rational ignorance refers to the idea that voters have limited time and resources to acquire information about candidates and issues, so they often choose to remain uninformed or partially informed. This can lead to voters making decisions based on emotions or other non-rational factors. Therefore, C is the best choice as it directly addresses this concept.

Question 3

Exhibit 31-4 -Refer to Exhibit 31-4. If producers of this good engage in rent seeking which results in the government imposing a price floor of P₂, then consumers' surplus ends up being area

Accepted Answer

A price floor set above the equilibrium price reduces consumer surplus to the area below the demand curve and above the price floor, which is area A.

Question 4

Exhibit 31-4
​
 
-Refer to Exhibit 31-4. At the market equilibrium price of the good, consumers' surplus is the area

Accepted Answer

Consumer surplus is the area above the price and below the demand curve, which is A + B + C in this context.

Question 5

Which of the following statements is a public choice economist most likely to agree with?

Accepted Answer

Public choice economists believe that institutional arrangements can affect people's behavior, and changing these arrangements can lead to better outcomes. Option B, D, and E are too simplistic and do not take into account the complex factors that drive individuals' career choices and the impact of institutional arrangements. Option A is a baseless generalization and not supported by empirical evidence.

Question 6

Exhibit 31-4 -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P₂. The loss of consumers' surplus that occurs due to the price floor is

Accepted Answer

The answer of Exhibit 31-4
​
 
-Refer to Exhibit 31-4. Suppose...

Question 7

In his article Straight Talk About Economic Literacy, economist _______________________ said, "Citizens can vote even if they have no idea what they are doing. If enough voters fit that description, democratic governments are bound to make foolish decisions."

Accepted Answer

The quote is from Bryan Caplan, as stated in the question.

Question 8

What is the median voter model? Describe four different ways in which this theory is predicted to impact the behavior of political candidates.

Accepted Answer

The answer of What is the median voter model? Describe...

Question 9

Exhibit 31-4 -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P₂. The gain in producers' surplus that occurs due to the price floor is

Accepted Answer

The answer of Exhibit 31-4
​
 
-Refer to Exhibit 31-4. Suppose...

Question 10

Grown children fawning over an elderly parent in order to try to secure a larger inheritance is an example of

Accepted Answer

This is an example of rent seeking, as the grown children are using flattery and other tactics to try to increase their share of their parent's estate. Rent seeking occurs when individuals or groups use non-productive means to obtain economic gain or advantage, such as lobbying for government subsidies or regulations that benefit them at the expense of others.

Question 11

Exhibit 31-4
​
 
-Refer to Exhibit 31-4. At the market equilibrium price of the good, producers' surplus is the area

Accepted Answer

The answer of Exhibit 31-4
​
 
-Refer to Exhibit 31-4. At...

Question 12

Rent seeking is the actions of

Accepted Answer

Rent seeking refers to individuals or groups who spend resources to influence public policy in the hope of redistributing income or resources to themselves from others. This can include lobbying, seeking subsidies or tax breaks, or otherwise manipulating the political process to benefit their own interests.

Question 13

Suppose that a federal election is coming soon and the government has been running persistent large budget deficits. Constitutional economists would most likely urge ___________________ in order to eliminate future budget deficits.

Accepted Answer

Constitutional economists would advocate for Congress to pass a law constraining them to spend no more than what they are receiving in tax revenues, as this would force the government to balance the budget and eliminate future deficits. This approach aligns with the principle of fiscal responsibility, which emphasizes the importance of balancing the budget and avoiding excessive government spending. The other options, such as advocating for liberal or conservative candidates or removing constraints on spending and taxes, may not effectively address the issue of persistent budget deficits.

Question 14

Constitutional economists

Accepted Answer

Constitutional economists focus on how different institutional frameworks and constraints influence economic outcomes and decision-making processes. They argue that the structure of institutions, laws, and rules plays a crucial role in determining economic outcomes (A), and they explore how self-imposed constraints can help individuals or societies achieve objectives that might be unattainable in environments without such constraints (B). This approach does not necessarily prioritize changing the political party in power as a means to achieve better outcomes (C), which is why options A and B are correct.

Question 15

Exhibit 33-4
​
 
-Refer to Exhibit 33-4. The opportunity cost of one unit of good B is __________ for country 1 and __________ for country 2.

Accepted Answer

The opportunity cost of one unit of good B for country 1 is 5A (10A/2B) and for country 2 is 1A (5B/10A). Therefore, country 1 has a comparative advantage in producing good B and country 2 has a comparative advantage in producing good A. Country 1 should specialize in producing good B and trade with country 2 for good A, while country 2 should specialize in producing good A and trade with country 1 for good B.

Quiz 31: Public Choice and Special Interest Group Politics

Why do many prospective voters choose to watch sports on television rather than watching the news or political roundtables? In your answer, be sure to mention the role played by rational ignorance.

The answer is: "rational ignorance." What is the question?

Exhibit 31-4 -Refer to Exhibit 31-4. If producers of this good engage in rent seeking which results in the government imposing a price floor of P₂, then consumers' surplus ends up being area

Exhibit 31-4 -Refer to Exhibit 31-4. At the market equilibrium price of the good, consumers' surplus is the area

Which of the following statements is a public choice economist most likely to agree with?

Exhibit 31-4 -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P₂. The loss of consumers' surplus that occurs due to the price floor is

In his article Straight Talk About Economic Literacy, economist _______________________ said, "Citizens can vote even if they have no idea what they are doing. If enough voters fit that description, democratic governments are bound to make foolish decisions."

What is the median voter model? Describe four different ways in which this theory is predicted to impact the behavior of political candidates.

Exhibit 31-4 -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P₂. The gain in producers' surplus that occurs due to the price floor is

Grown children fawning over an elderly parent in order to try to secure a larger inheritance is an example of

Exhibit 31-4 -Refer to Exhibit 31-4. At the market equilibrium price of the good, producers' surplus is the area

Rent seeking is the actions of

Suppose that a federal election is coming soon and the government has been running persistent large budget deficits. Constitutional economists would most likely urge ___________________ in order to eliminate future budget deficits.

Constitutional economists

Exhibit 33-4 -Refer to Exhibit 33-4. The opportunity cost of one unit of good B is for country 1 and for country 2.

Quiz 31: Public Choice and Special Interest Group Politics

Why do many prospective voters choose to watch sports on television rather than watching the news or political roundtables? In your answer, be sure to mention the role played by rational ignorance.

The answer is: "rational ignorance." What is the question?

Exhibit 31-4 ​ -Refer to Exhibit 31-4. If producers of this good engage in rent seeking which results in the government imposing a price floor of P2, then consumers' surplus ends up being area

Exhibit 31-4 ​ -Refer to Exhibit 31-4. At the market equilibrium price of the good, consumers' surplus is the area

Which of the following statements is a public choice economist most likely to agree with?

Exhibit 31-4 ​ -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P2. The loss of consumers' surplus that occurs due to the price floor is

In his article Straight Talk About Economic Literacy, economist _______________________ said, "Citizens can vote even if they have no idea what they are doing. If enough voters fit that description, democratic governments are bound to make foolish decisions."

What is the median voter model? Describe four different ways in which this theory is predicted to impact the behavior of political candidates.

Exhibit 31-4 ​ -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P2. The gain in producers' surplus that occurs due to the price floor is

Grown children fawning over an elderly parent in order to try to secure a larger inheritance is an example of

Exhibit 31-4 ​ -Refer to Exhibit 31-4. At the market equilibrium price of the good, producers' surplus is the area

Rent seeking is the actions of

Suppose that a federal election is coming soon and the government has been running persistent large budget deficits. Constitutional economists would most likely urge ___________________ in order to eliminate future budget deficits.

Constitutional economists

Exhibit 33-4 ​ -Refer to Exhibit 33-4. The opportunity cost of one unit of good B is __________ for country 1 and __________ for country 2.

Exhibit 31-4 -Refer to Exhibit 31-4. If producers of this good engage in rent seeking which results in the government imposing a price floor of P₂, then consumers' surplus ends up being area

Exhibit 31-4 -Refer to Exhibit 31-4. At the market equilibrium price of the good, consumers' surplus is the area

Exhibit 31-4 -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P₂. The loss of consumers' surplus that occurs due to the price floor is

Exhibit 31-4 -Refer to Exhibit 31-4. Suppose that producers of this good engage in rent seeking which results in the government imposing a price floor of P₂. The gain in producers' surplus that occurs due to the price floor is

Exhibit 31-4 -Refer to Exhibit 31-4. At the market equilibrium price of the good, producers' surplus is the area

Exhibit 33-4 -Refer to Exhibit 33-4. The opportunity cost of one unit of good B is for country 1 and for country 2.