Legislation That Offers Immediate and Easily Recognized Benefits, at the Expense

question 9

Multiple Choice

Legislation that offers immediate and easily recognized benefits, at the expense of costs that are observable only in the distant future, is often enacted, even when economic inefficiency results. In economics this is referred to as the

• A) long-term effect.
• B) political-fallacy effect.
• C) shortsightedness effect.
• D) inefficiency effect.

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Definitions:

Primary Aging

Refers to the gradual and inevitable process of bodily deterioration that occurs throughout life.

Secondary Aging

The changes in physical and cognitive function that are due to illness, health habits, and other individual factors, rather than the aging process itself.

Intellectual Gains

Increases in mental capacity and understanding, often resulting from learning, experience, or education.

Middle Adulthood

A life stage typically occurring from ages 40 to 65, characterized by stability, maturity, and an increased focus on personal and professional achievement.