Most Economists Believe That

question 73

Multiple Choice

Most economists believe that:

• A) government cannot correct failures of market outcome.
• B) a government policy designed to correct the failure of a market outcome is always more desirable than living with the failure.
• C) a policy decision must weigh the costs of market failure against the costs of government failure.
• D) it is always better to change the price structure by subsidizing goods than to openly give money to individuals to achieve distributional goals.

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Definitions:

Bottom-up Processing

An approach to understanding information that starts with the smallest or simplest elements and builds up to a comprehensive perspective.

Mechanoreception

The physiological process by which organisms detect mechanical changes in the environment, such as pressure, touch, and sound.

Bottom-up Processing

A way of processing information in which perception starts with the input of sensory data and builds up to the formation of a conceptual understanding.

Mechanoreception

The sensory modality that enables organisms to detect mechanical forces and changes in pressure across a variety of different senses.