POLS-102 WVU MacDonald EXAM 1
QUESTIONS AND ANSWERS 100%
CORRECT | NEW UPDATE 2025
Politics - ANSWER process of making collective decisions (usually by gov't) to
allocate public resources and to create and enforce rules for the operation of
society
Transaction Costs - ANSWER time its takes to make a decision
Conformity Costs - ANSWER living w/ a situation you don't agree with
Institutions - ANSWER set of rules or practices that determine how people
make collective decisions
Preferences - ANSWER outcomes or experiences people want or believe they
need
Free Riding - ANSWER benefiting from a public good while avoiding the costs
of contributing
Coordination - ANSWER The act of organizing a group to achieve a common
goal.
Government - ANSWER The institutions and procedures through which people
are ruled
QUESTIONS AND ANSWERS 100%
CORRECT | NEW UPDATE 2025
Politics - ANSWER process of making collective decisions (usually by gov't) to
allocate public resources and to create and enforce rules for the operation of
society
Transaction Costs - ANSWER time its takes to make a decision
Conformity Costs - ANSWER living w/ a situation you don't agree with
Institutions - ANSWER set of rules or practices that determine how people
make collective decisions
Preferences - ANSWER outcomes or experiences people want or believe they
need
Free Riding - ANSWER benefiting from a public good while avoiding the costs
of contributing
Coordination - ANSWER The act of organizing a group to achieve a common
goal.
Government - ANSWER The institutions and procedures through which people
are ruled
