12. In the television show Scrubs, the main character J. D. is a competent and knowledgeable doctor. He also has very little information outside of the field of medicine, admitting he doesn't know the difference between a senator and a representative and believes New Zealand is near "Old Zealand." a. Suppose J. D. spends some time learning some of these common facts. What benefits would he receive as a result? (Assume there are no benefits for the sake of knowledge itself.) b. Suppose instead J. D. spends that time learning how to diagnose a rare disease that has a slight possibility of showing up in one of his patients. What benefits would he re- ceive as a result? (Again, assume there are no benefits for the sake of knowledge itself.) c. Make an economic argument that even given your answer to part b, voters have too little incentive to be informed about political matters.

12. In the television show Scrubs, the main character J. D. is a competent and knowledgeable doctor. He also has very little information outside of the field of medicine, admitting he doesn't know the difference between a senator and a representative and believes New Zealand is near "Old Zealand." a. Suppose J. D. spends some time learning some of these common facts. What benefits would he receive as a result? (Assume there are no benefits for the sake of knowledge itself.) b. Suppose instead J. D. spends that time learning how to diagnose a rare disease that has a slight possibility of showing up in one of his patients. What benefits would he re- ceive as a result? (Again, assume there are no benefits for the sake of knowledge itself.) c. Make an economic argument that even given your answer to part b, voters have too little incentive to be informed about political matters.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 23CTQ: Do economists have any particular expertise at making normative arguments? In other words, they have...

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