UNC PLCY 110 Final exam with answers
gains from trade - ....🔰VERIFIED ANSWERS.... ✔✔Each country can
concentrate its efforts on what it does best (specialize) and trade some of those
goods for goods that other countries produce most efficiently
Protectionism - ....🔰VERIFIED ANSWERS.... ✔✔Government policy of
restricting imports to "protect" domestic industries from foreign competition
race to the bottom - ....🔰VERIFIED ANSWERS.... ✔✔a dynamic in which
states compete to attract business by lowering taxes and regulations, often to
workers' detriment
S-shaped curve - ....🔰VERIFIED ANSWERS.... ✔✔shows income in the future
as opposed to income today and shows at what point people get stuck in a
poverty trap
time inconsistency - ....🔰VERIFIED ANSWERS.... ✔✔tendency to
systematically misjudge at the present time what you will want to do at some
future time
public goods - ....🔰VERIFIED ANSWERS.... ✔✔Goods that are neither
excludable nor rival in consumption
free riders - ....🔰VERIFIED ANSWERS.... ✔✔people who benefit from the
group but give little in return
, Externalities - ....🔰VERIFIED ANSWERS.... ✔✔economic side effects or by-
products that affect an uninvolved third party; can be negative or positive
institutions - ....🔰VERIFIED ANSWERS.... ✔✔a mechanism of social order
governing the behavior of individuals within a community
moral hazard - ....🔰VERIFIED ANSWERS.... ✔✔Arises when people behave
recklessly because they know they will be saved if things go wrong
Adverse Selection - ....🔰VERIFIED ANSWERS.... ✔✔the situation in which
one party to a transaction takes advantage of knowing more than the other
party to the transaction
fraud - ....🔰VERIFIED ANSWERS.... ✔✔A deliberate deception intended to
secure an unfair or unlawful gain
cash transfers - ....🔰VERIFIED ANSWERS.... ✔✔direct payments of money to
eligible poor people
migrant - ....🔰VERIFIED ANSWERS.... ✔✔traveler who moves from one
region or country to another
refugee - ....🔰VERIFIED ANSWERS.... ✔✔A person who has been forced to
leave their country in order to escape war, persecution, or natural disaster
gains from trade - ....🔰VERIFIED ANSWERS.... ✔✔Each country can
concentrate its efforts on what it does best (specialize) and trade some of those
goods for goods that other countries produce most efficiently
Protectionism - ....🔰VERIFIED ANSWERS.... ✔✔Government policy of
restricting imports to "protect" domestic industries from foreign competition
race to the bottom - ....🔰VERIFIED ANSWERS.... ✔✔a dynamic in which
states compete to attract business by lowering taxes and regulations, often to
workers' detriment
S-shaped curve - ....🔰VERIFIED ANSWERS.... ✔✔shows income in the future
as opposed to income today and shows at what point people get stuck in a
poverty trap
time inconsistency - ....🔰VERIFIED ANSWERS.... ✔✔tendency to
systematically misjudge at the present time what you will want to do at some
future time
public goods - ....🔰VERIFIED ANSWERS.... ✔✔Goods that are neither
excludable nor rival in consumption
free riders - ....🔰VERIFIED ANSWERS.... ✔✔people who benefit from the
group but give little in return
, Externalities - ....🔰VERIFIED ANSWERS.... ✔✔economic side effects or by-
products that affect an uninvolved third party; can be negative or positive
institutions - ....🔰VERIFIED ANSWERS.... ✔✔a mechanism of social order
governing the behavior of individuals within a community
moral hazard - ....🔰VERIFIED ANSWERS.... ✔✔Arises when people behave
recklessly because they know they will be saved if things go wrong
Adverse Selection - ....🔰VERIFIED ANSWERS.... ✔✔the situation in which
one party to a transaction takes advantage of knowing more than the other
party to the transaction
fraud - ....🔰VERIFIED ANSWERS.... ✔✔A deliberate deception intended to
secure an unfair or unlawful gain
cash transfers - ....🔰VERIFIED ANSWERS.... ✔✔direct payments of money to
eligible poor people
migrant - ....🔰VERIFIED ANSWERS.... ✔✔traveler who moves from one
region or country to another
refugee - ....🔰VERIFIED ANSWERS.... ✔✔A person who has been forced to
leave their country in order to escape war, persecution, or natural disaster
