Which of the following is consistent with the implications of the economic guidepost that information is costly to acquire?
A) Most people do not know the names of their legislators in the U.S. Congress, but those same individuals are likely to know the names of all the cast members on a popular TV show.
B) In considering purchases, people are more likely to purchase a consumer ratings magazine that reviews new automobiles before buying a car, but are unlikely to purchase a consumer ratings magazine that reviews pens and pencils before buying a pen or pencil.
C) When shopping for something like a new calculator, people will generally not spend the time to do price comparisons at all of the stores in town that sell calculators.
D) All of the above are consistent with the economic way of thinking.
Correct Answer:
Verified
Q183: The highest valued alternative option that must
Q184: Economic analysis is based on the premise
Q185: What is the best test of an
Q186: "Mediocre economists often consider only the immediate
Q187: According to Adam Smith, individual self-interest
A) is
Q189: The unintended consequences of an economic change
Q190: The consequences of an economic change that
Q191: All but one of the following are
Q192: The economic way of thinking stresses that
A)
Q193: Adam Smith believed that if people were
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents