Arec 478 Exam 1 Module 1-7 Exam
Questions With Correct Answers
Policy |- |CORRECT |ANSWER✔✔-A |plan |or |guiding |principle, |chosen |from |a |set |of |alternatives, |
implemented |by |an |entity, |such |as |the |government, |to |achieve |a |goal.
goal |- |CORRECT |ANSWER✔✔-what |the |policy |is |trying |to |accomplish.
entity |- |CORRECT |ANSWER✔✔-the |group |of |people |that |will |create |and |enforce |the |policy
plan |- |CORRECT |ANSWER✔✔-a |way |the |policy |is |implemented |to |achieve |the |desired |goal
Spatial |equity |- |CORRECT |ANSWER✔✔-looks |at |whether |there |is |a |fair |or |just |distribution |of |
wealth |across |people |or |places
Temporal |equity |- |CORRECT |ANSWER✔✔-looks |at |the |distributional |problem |across |time |or |
generations
Productive |(or |technical) |efficiency |- |CORRECT |ANSWER✔✔-measures |the |efficiency |of |how |
resources |are |used |in |production
Allocative |(or |economic) |efficiency |- |CORRECT |ANSWER✔✔-measures |the |distribution |of |
resources |amongst |alternative |production |options.
fact |- |CORRECT |ANSWER✔✔-something |that |is |known |with |certainty
, belief |- |CORRECT |ANSWER✔✔-describes |what |is |thought |to |be |reality
value |- |CORRECT |ANSWER✔✔-conception |of |what |should |be
Education |- |CORRECT |ANSWER✔✔-good |place |to |begin |when |someone |disagrees |with |your |
goals
consensus |- |CORRECT |ANSWER✔✔-can |be |built |by |getting |people |to |turn |beliefs |into |facts
the |invisible |hand |- |CORRECT |ANSWER✔✔-helps |us |to |understand |how |and |why |humans |are |
motivated |to |do |what |they |do |in |the |context |of |a |free |market
necessary |condition |- |CORRECT |ANSWER✔✔-for |government |intervention
sufficient |condition |- |CORRECT |ANSWER✔✔-government |intervention |may |lead |to |worse |
problems |than |the |market |failure |itself
coercion |- |CORRECT |ANSWER✔✔-Government |uses |rewards |and |punishment |to |coerce |people
empowerment |- |CORRECT |ANSWER✔✔-Empowerment |is |equally |effective. |positive |
reinforcement
Four |types |of |market |failure |- |CORRECT |ANSWER✔✔-1.imperfect |competition |2.externalities |
3.public |goods |4.open |access
market |failure |- |CORRECT |ANSWER✔✔-a |circumstance |where |the |pursuit |of |private |interest |
does |not |lead |to |an |efficient |
use |of |society's |resources |or |a |fair |distribution |of |society's |goods
Questions With Correct Answers
Policy |- |CORRECT |ANSWER✔✔-A |plan |or |guiding |principle, |chosen |from |a |set |of |alternatives, |
implemented |by |an |entity, |such |as |the |government, |to |achieve |a |goal.
goal |- |CORRECT |ANSWER✔✔-what |the |policy |is |trying |to |accomplish.
entity |- |CORRECT |ANSWER✔✔-the |group |of |people |that |will |create |and |enforce |the |policy
plan |- |CORRECT |ANSWER✔✔-a |way |the |policy |is |implemented |to |achieve |the |desired |goal
Spatial |equity |- |CORRECT |ANSWER✔✔-looks |at |whether |there |is |a |fair |or |just |distribution |of |
wealth |across |people |or |places
Temporal |equity |- |CORRECT |ANSWER✔✔-looks |at |the |distributional |problem |across |time |or |
generations
Productive |(or |technical) |efficiency |- |CORRECT |ANSWER✔✔-measures |the |efficiency |of |how |
resources |are |used |in |production
Allocative |(or |economic) |efficiency |- |CORRECT |ANSWER✔✔-measures |the |distribution |of |
resources |amongst |alternative |production |options.
fact |- |CORRECT |ANSWER✔✔-something |that |is |known |with |certainty
, belief |- |CORRECT |ANSWER✔✔-describes |what |is |thought |to |be |reality
value |- |CORRECT |ANSWER✔✔-conception |of |what |should |be
Education |- |CORRECT |ANSWER✔✔-good |place |to |begin |when |someone |disagrees |with |your |
goals
consensus |- |CORRECT |ANSWER✔✔-can |be |built |by |getting |people |to |turn |beliefs |into |facts
the |invisible |hand |- |CORRECT |ANSWER✔✔-helps |us |to |understand |how |and |why |humans |are |
motivated |to |do |what |they |do |in |the |context |of |a |free |market
necessary |condition |- |CORRECT |ANSWER✔✔-for |government |intervention
sufficient |condition |- |CORRECT |ANSWER✔✔-government |intervention |may |lead |to |worse |
problems |than |the |market |failure |itself
coercion |- |CORRECT |ANSWER✔✔-Government |uses |rewards |and |punishment |to |coerce |people
empowerment |- |CORRECT |ANSWER✔✔-Empowerment |is |equally |effective. |positive |
reinforcement
Four |types |of |market |failure |- |CORRECT |ANSWER✔✔-1.imperfect |competition |2.externalities |
3.public |goods |4.open |access
market |failure |- |CORRECT |ANSWER✔✔-a |circumstance |where |the |pursuit |of |private |interest |
does |not |lead |to |an |efficient |
use |of |society's |resources |or |a |fair |distribution |of |society's |goods
