Merit goods Study guides, Revision notes & Summaries

Section A ANSWER ALL QUESTIONS IN THIS SECTION 1 An economic good is one which A has an opportunity cost in production. B does not use up resources. C is supplied competitively. D makes a profit. 2 Government intervention to correct market failure will improve the allocation of resources if A there are no externalities in consumption. B the costs of government action are less than the benefits. C all products are excludable. D merit goods are taxed. 3 Which one of the follow...

Amsco AP World History Modern Lesson 1.1East Asia - correct answers China, Japan, Korea South Asia - correct answers India Southeast Asia - correct answers Vietnam Song Dynasty - correct answers Most innovative; made the imperial bureaucracy Coal - correct answers made China successful Protoindustrialization - correct answers industrialization before the Industrial Revolution Artisans - correct answers skilled craftspeople Scholar Gentry - correct answers The highest...

Production Orientation A philosphy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace Sales Orientation People will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits Market Orientation Social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives Societal Marketi...

Econmics Paper 1 2024 "Aid is an ineffective means of promoting the development of poorer countries." Evaluate this statement. ANSWERdefinition of development arguments against the statement, which may include whether aid - bridges the savings gap - bridges the foreign exchange gap - finances provision of merit goods and infrastructure projects in recipient countries - is used as a transition strategy

BUSINESS 101 - DEL MEDICO EXAM QUESTIONS & ANSWERS 2024 UPDATE TEST #2-V1 BUSINESS 101 - DEL MEDICO EXAM QUESTIONS & ANSWERS 2024 UPDATE Choose the best answer. Do not write on the test. 1) Which aspect of the management process involves determining what the organization needs to do and how best to get it done? A) Organizing B) Planning C) Controlling D) Processing E) Monitoring 2) Comparing actual performance against standards is an example of which function of the management pr...

Civil Service Exam practice Chapter 17 Study Guide 30 Questions with Verified Answers Be able to explain the examination system. - CORRECT ANSWER Civil service examinations are tests required for people to work for the government. The highly educated men who passed the civil service examinations were known as scholar officials. They qualified for government jobs. During the Song dynasty, the tests became part of a merit system. In a merit system, people are hired and promoted based on talent ...

BUSINESS 101 - DEL MEDICO EXAM QUESTIONS & ANSWERS 2024 UPDATETEST #2-V1 BUSINESS 101 - DEL MEDICO EXAM QUESTIONS & ANSWERS 2024 UPDATE Choose the best answer. Do not write on the test. 1) Which aspect of the management process involves determining what the organization needs to do and how best to get it done? A) Organizing B) Planning C) Controlling D) Processing E) Monitoring 2) Comparing actual performance against standards is an example of which function of the management proce...

Opportunity cost Correct Answer A cost of choosing one thing over the next best alternative. The economic problem Correct Answer The idea that resources are scare and wants are unlimited Economy Correct Answer Where people produce goods and services. Market Correct Answer Where a group of people willing to exchange goods and services meet. Perfect market Correct Answer Neither Consumer/producer solely influence the price charged for goods and services Imperfect market Correct Answ...

IGCSE Economics |Graded A+| #Latest Study Guide Opportunity cost *Ans* A cost of choosing one thing over the next best alternative. The economic problem *Ans* The idea that resources are scare and wants are unlimited Economy *Ans* Where people produce goods and services. Market *Ans* Where a group of people willing to exchange goods and services meet. Perfect market *Ans* Neither Consumer/producer solely influence the price charged for goods and services Imperfect market *Ans* a powerf...

Contract - Agreement for whose breach of the law provides a remedy What three things does a contract require? - 1) offer 2) acceptance 3) consideration What are the 5 ways an offer can be terminated? - 1) Revocation: Can be done up to acceptance 2) Refusal/Rejection: contract no longer valid after refusing/rejection, cannot change mind 3) Counter offer: implicit rejection of original offer. ie asking for it for a lower price 4)Time Limits: w/o one law will read a reasonable time 5) D...