Rational Ignorance

question 162

Multiple Choice

Rational ignorance

• A)explains why consumers ignore sunk costs when they vote.
• B)explains the Arrow impossibility theorem.
• C)refers to attempts by special interests to use government action to make themselves better off at the expense of others.
• D)helps to explain why rent seeking by special interest groups occurs.

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Definitions:

Abstinence Syndrome

A condition characterized by physical and mental distress occurring in individuals who abruptly stop using addictive substances.

Psychological Dependence

When a person must continue to take a drug to satisfy intense mental and emotional craving for it.

Physical Dependence

The need to continue to take a drug to avoid withdrawal illness (which occurs when drug use is terminated).

High In Neuroticism

Characterizes individuals who experience emotional instability, anxiety, moodiness, worry, and sadness more frequently than others.