8 Suppose that most people who take antibiotics to fight bacterial infection stop taking the medication once they feel better Because they do not take the entire dose, the bacteria is not completely killed, and it eventually develops an immunity to the antibiotics As a result, there will be no effective medication available to many people in the future who are infected People who fail to take the entire dose of antibiotics are creating a market failure known as a regulation b a public good c an externality d monopoly 10 Which of the following is an example of a public good a A power company that is the only firm in its market due to falling per unit costs b A new car c Fire protection services d National defense Which of the following is true a Voters have a strong incentive to cast a well informed vote, but consumers have little incentive to make informed choices b Voters have little incentive to cast a well informed vote, but consumers have a strong incentive to make informed choices c Neither voters nor consumers have much incentive to make informed choices d Both voters and consumers have a strong incentive to make informed choices Question 5 Voters usually are not well informed about candidates and issues in an election This is because a politicians can be trusted to do the right thing regardless of which ones are elected b information about politicians and issues is not relevant to making voting decisions c candidates are all so similar to each other that there is no point to becoming better informed about them d becoming informed is costly, but the effect of a single vote on an election is close to zero, so it is rational to remain ignorant Question 6 Which of the following is true a Voters have a strong incentive to make well informed choices when voting in state and federal elections b The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices c Political action is based on voluntary exchange and mutual agreement d Policies favored by a majority will assure that resources are allocated efficiently 19 Politicians will often be able to gain from support of trade restrictions because a organized interest groups benefiting from the restrictions will make large contributions to political campaigns while most others will not care much about the issue b the restrictions will lead to lower prices and substantial benefits for consumer groups c foreigners benefiting from the restrictions will be a major source of political contributions d trade restrictions typically generate substantial benefits for consumer groups at the expense of well organized labor and industrial interests

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8. Suppose that most people who take antibiotics to fight bacterial infection stop taking the medication once they feel better. Because they do not take

8. Suppose that most people who take antibiotics to fight bacterial infection stop taking the medication once they feel better. Because they do not take the entire dose, the bacteria is not completely killed, and it eventually develops an immunity to the antibiotics. As a result, there will be no effective medication available to many people in the future who are infected. People who fail to take the entire dose of antibiotics are creating a market failure known as

	a.	regulation.
	b.	a public good.
	c.	an externality.
	d.	monopoly.

10. Which of the following is an example of a public good?

A power company that is the only firm in its market due to falling per-unit costs.

A new car.

Fire protection services.

National defense

Which of the following is true?

	a.	Voters have a strong incentive to cast a well-informed vote, but consumers have little incentive to make informed choices.
	b.	Voters have little incentive to cast a well-informed vote, but consumers have a strong incentive to make informed choices.
	c.	Neither voters nor consumers have much incentive to make informed choices.
	d.	Both voters and consumers have a strong incentive to make informed choices.

Question 5

Voters usually are not well-informed about candidates and issues in an election. This is because

	a.	politicians can be trusted to do the right thing regardless of which ones are elected.
	b.	information about politicians and issues is not relevant to making voting decisions.
	c.	candidates are all so similar to each other that there is no point to becoming better informed about them.
	d.	becoming informed is costly, but the effect of a single vote on an election is close to zero, so it is rational to remain ignorant.

Question 6

Which of the following is true?

Voters have a strong incentive to make well-informed choices when voting in state and federal elections.

The rational ignorance effect indicates that voters have very little incentive to be well informed when making political choices.

Political action is based on voluntary exchange and mutual agreement.

Policies favored by a majority will assure that resources are allocated efficiently.

19.

Politicians will often be able to gain from support of trade restrictions because

	a.	organized interest groups benefiting from the restrictions will make large contributions to political campaigns while most others will not care much about the issue.
	b.	the restrictions will lead to lower prices and substantial benefits for consumer groups.
	c.	foreigners benefiting from the restrictions will be a major source of political contributions.
	d.	trade restrictions typically generate substantial benefits for consumer groups at the expense of well-organized labor and industrial interests