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...
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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