Uncertainty Avoidance Indicates the Extent to Which a Culture Feels

question 10

Multiple Choice

Uncertainty avoidance indicates the extent to which a culture feels

• A) isolated from other cultures.
• B) unsure about its status in the world.
• C) the need to avoid modernization.
• D) uncomfortable with unpredictability.

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Definitions:

Market Failure

Situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers and producers.

Incomplete Information

A situation in economics where all parties in a transaction do not have full and equal knowledge.

Externalities

Economic side effects or by-products that affect an uninvolved third party; can be positive or negative, such as pollution or public parks.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are accessible to all members of society and one person's consumption does not reduce availability to others.