The Presence of Market Failures Implies That

question 150

Multiple Choice

The presence of market failures implies that

• A)money is not an effective tool for exchange in a market system.
• B)there is an active role for government, even in a market system.
• C)individuals and firms should strive to be self-sufficient rather than specialize.
• D)command systems are superior to market systems in the allocation of resources.

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Definitions:

Three-Strikes Legislation

A legal principle mandating harsher sentences on offenders who are convicted of three or more serious criminal offenses.

Selective Incapacitation

A criminal justice policy focusing on identifying and incapacitating individuals who are deemed to be especially dangerous or high-risk.

Mass Imprisonment

The substantial increase and widespread practice of incarcerating a large portion of the population, often critiqued for its social and economic impacts.

Black Undercaste

A term referring to a societal segment that faces systemic racial discrimination and socio-economic disadvantages, often tied to the legacy of slavery and segregation.