What is meant by the term rational ignorance quizlet?
What is meant by the term “rational ignorance” in public choice theory? It means the lack an economic incentive for voters to become informed about a pending legislation. The public choice model. applies economic analysis to government decision making.
What is ignorance effect in economics?
In consumer behaviour studies, the Blissful Ignorance Effect is when people who have good information about a product are not expected to be as happy with the product as people who have less information about it. This happens because the person who bought the product wants to feel like they have bought the right thing.
Which of the following characterizes the largest difference between the way decisions are made in the private sector?
Which of the following characterizes the largest difference between the way decisions are made in the private sector versus the public sector? -In both sectors individuals will try to maximize their own individual gains over the gains of others.
What is the main purpose of the invisible primary quizlet?
What is the Invisible Primary? The period between candidates declaring an intention to run for the presidency and the 1st primaries and caucuses. Critically important for a candidate to gain name recognition, money and time to organise a campaign team.
Why are voters rationally ignorant?
Ignorance about an issue is said to be “rational” when the cost of educating oneself about the issue sufficiently to make an informed decision can outweigh any potential benefit one could reasonably expect to gain from that decision, and so it would be irrational to waste time doing so.
What does blissfully ignorant mean?
Definition of blissful ignorance : a state of not knowing and not wanting to know about unhappy things or possible problems existing in blissful ignorance.
Who owns most property resources in a command system?
Terms in this set (77)
- True: in a command economy, the government owns most property resources.
- command system.
- Markets and prices.
- Government.
- A market system.
- True.
- By locating production facilities optimally to hold down production and transportation expenses.
- the cost of needed resources.
Who owns most of the resources in a market or capitalist economy?
A true free market economy is an economy in which all resources are owned by individuals. The decisions about the allocation of those resources are made by individuals without government intervention. There are no completely “(2) free-enterprise ” or market economies.
What is an electoral caucus?
Caucuses are private meetings run by political parties. They are held at the county, district, or precinct level. In most, participants divide themselves into groups according to the candidate they support. At the end, the number of voters in each group determines how many delegates each candidate has won.
Who wins the invisible primary?
The winners of the invisible primary, such as Hillary Clinton and Jeb Bush in 2016, come into the first primaries and caucuses with a full war chest of money, support from office holders, and an aura of inevitability.
How does a Condorcet paradox arise?
This is paradoxical, because it means that majority wishes can be in conflict with each other: Suppose majorities prefer, for example, candidate A over B, B over C, and yet C over A. When this occurs, it is because the conflicting majorities are each made up of different groups of individuals.
What is the idea behind Condorcet’s Jury Theorem?
Condorcet’s jury theorem is a political science theorem about the relative probability of a given group of individuals arriving at a correct decision. The theorem was first expressed by the Marquis de Condorcet in his 1785 work Essay on the Application of Analysis to the Probability of Majority Decisions.