Very Few Voters Know the Enormous Cost of Providing Price

question 152

Multiple Choice

Very few voters know the enormous cost of providing price supports to farmers.As a result,these voters most likely exhibit

• A) the public provision of a good.
• B) the principle of minimum differentiation.
• C) rational ignorance.
• D) the tragedy of the commons.
• E) None of the above answers is correct.

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Definitions:

Concept Hierarchy

A system of organizing concepts from the most general to the most specific, facilitating understanding and learning by structuring knowledge in a hierarchical manner.

Ultimatum Game

A game in economic experiments where two players decide on how to divide a sum of money; refusal by one player results in neither player receiving anything.

Rational Self-Interest

The principle that individuals will make decisions that they perceive to be the best for themselves, maximizing their own benefit.

Reflective Judgment

The process of critically evaluating the validity of various claims and evidence before forming a conclusion or judgment.