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:

Consensus Validation

A method of establishing the reliability of a construct by demonstrating agreement among independent judges or assessments.

Big Five

The Big Five refers to a model in personality psychology comprising five broad personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Psychoticism

One of five trait domains associated with personality disorders in the DSM-5, it is characterized by a tendency to have bizarre thoughts or experiences, and to exhibit eccentric behavior.

Statistically Significant

A situation where the observed effect or difference in a study is likely not due to chance, indicating a high probability that it reflects true differences or associations.