While Economists Generally Agree That Markets Are a Good Way

question 185

Multiple Choice

While economists generally agree that markets are a good way to organise economic behaviour, there are some important exceptions.The exceptions include:

• A)some markets produce negative externalities
• B)some industries produce positive externalities
• C)some markets are characterised by market failure
• D)all of the above are true

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Definitions:

Genetic Drift

Mechanism of evolution due to random changes in the allelic frequencies of a population; more likely to occur in small populations or when only a few individuals of a large population reproduce.

Adaptive Radiation

Rapid evolution of several species from a common ancestor into new ecological or geographic zones.

Fossil Record

The collection of fossils, which are the preserved remains or traces of animals, plants, and other organisms from the remote past, providing evidence of the history of life on Earth.

Sedimentary Rock

Rock that has formed through the accumulation and solidification of sediment, especially sediment transported by water, ice, and wind.