As Information and the Time Required to Acquire and Digest

question 61

Multiple Choice

As information and the time required to acquire and digest it are scarce,_____

• A)consumers concentrate on private choices rather than on public choices.
• B)consumers concentrate on public choices rather than on private choices.
• C)it is irrational for consumers to remain ignorant of the costs and benefits of government proposals.
• D)voters elect representatives, who always make public choices that reflect constituents' views.
• E)voters have a special economic interest in making informed decisions about public choices.

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Definitions:

Collection Agency

An enterprise engaged in collecting payments from individuals or businesses for outstanding debts.

Negotiate

The process of discussing something to reach an agreement or compromise between parties, typically aiming for a beneficial outcome for all involved.

Telephone Directory

A book or electronic database listing individuals' and organizations' phone numbers, often sorted alphabetically.

Procedure Manual

A comprehensive guide containing specific instructions on how to perform tasks or operations, often used in workplace settings.