The Texas Water Development Board Is Responsible for

question 22

Multiple Choice

The Texas Water Development Board is responsible for

• A) administering the Texas Water Bank.
• B) enforcing water-related environmental regulations.
• C) managing and conducting research related to water policy.
• D) coordinating with neighboring states and the federal government to share best practices related to water policy.

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Definitions:

Present Consumption

The act of using goods and services to satisfy current needs and desires rather than saving for future use.

Self-Control Problems

Refers to the difficulty people have in sticking with earlier plans and avoiding suboptimal decisions when finally confronted with a particular decision-making situation. A manifestation of time inconsistency and potentially avoidable by using precommitments.

Time Inconsistency

The human tendency to systematically misjudge at the present time what will actually end up being desired at a future time.

Behavioral Economists

Economists who study the psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.