A Person's Developmental Level Refers to That Person's

question 639

Multiple Choice

A person's developmental level refers to that person's

• A)current state of physical, emotional, and intellectual development.
• B)past state of health and physical development.
• C)future capabilities and potentials regarding intellectual development.
• D)future status in all developmental areas based on past measurements of health and well-being.

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Definitions:

Socially Optimal

A state or condition in which resources are allocated in the most efficient manner from a societal perspective, maximizing benefits and minimizing costs to the society as a whole.

External Benefits

Positive effects of a transaction that affect third parties not directly involved in the transaction.

External Costs

Costs that are not borne by the parties involved in an economic transaction but are imposed on other individuals or society at large, such as pollution or congestion.

Coase Theorem

A principle suggesting that if transaction costs are low, private bargains will efficiently resolve the allocation of resources and distribution of goods.