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AGEC 315 Final KSU Verified A+

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AGEC 315 Final KSU Verified A+ Do soda taxes work? ️No If we don't see change in supply or demand under pagouvian tax? ️The supply and demand cure is relatively inelastic Can pre-ording your lunch nudge you towards choosing healthier options? ️Yes Information failure ️market failu...

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  • October 19, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • agec 315 final ksu verified a

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AGEC 315 Final KSU Verified A+

Do soda taxes work? ✔️No



If we don't see change in supply or demand under pagouvian tax? ✔️The supply and demand cure is
relatively inelastic



Can pre-ording your lunch nudge you towards choosing healthier options? ✔️Yes



Information failure ✔️market failure where individuals or firms lack the appropriate information for
making "good" economic decisions.



Behavioral economics ✔️suggest individuals are often influenced by emotion or innate bias that lead to
"bad" choices.



T/F Society sometimes pays a cost when people make "bad" choices? (externality) ✔️T



T/F Economic efficiency guarantees income equality? ✔️F



Economic efficiency is related to the size of the pie, what is equality about? ✔️the distribution of the
pie.



Where is the net loss? ✔️



What is devlopment? ✔️A world free of poverty. (World banks motto)



Is global poverty increasing or decreasing? ✔️decreasing

, In developing countries does extreme poverty still exist? ✔️Declining but does still exist, poverty in
sub-Saharan Africa is increasing in extreme poverty.



What is the dollar value to determine extreme poverty? ✔️Living on $1.90 a day



T/F Not everyone in Africa is poor. ✔️T about 60% is not poor



A person who doesn't pay cannot be easily prevented from using what type of good? ✔️Nonexcludable



One persons use of a good reduces the ability of another person to the same good, the good is
_________? ✔️Rival



T/F If one person provides a public good, others are made better off, and yet they cannot be charged for
it? ✔️T



Open access goods are _________ and _______________? ✔️Rival and nonexcludable



Agricultural R&D is an example of a ? ✔️Public good



Greenhouse gas emissions are __________ and _____________________? ✔️Nonrival and
nonexludable



The market fails to provide _________ goods efficiently because private costs and benefits do not equal
social costs and benefits. ✔️Nonexcludable so public goods and common pool resources



The market typically provides _________ efficently? ✔️Private goods



The tragedy of the commons refers to the ___________________________________? ✔️Overuse of
an open-access resource

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