When Markets Fail, Public Policy Can

question 301

Multiple Choice

When markets fail, public policy can

• A)do nothing to improve the situation.
• B)potentially remedy the problem and increase economic efficiency.
• C)always remedy the problem and increase economic efficiency.
• D)in theory, remedy the problem, but in practice, public policy has proven to be ineffective.

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Definitions:

Shaping

The learning process in which an agent initially reinforces any behavior that remotely resembles the desired response and subsequently requires increasing correspondence between the learner’s behavior and the desired response before providing reinforcement.

Condiments

Substances such as salt, mustard, or pickles that are used to add flavor to food.

Maternal Employment

The participation of mothers in the workforce and its effects on family life, child development, and other aspects.

Vocabulary Scores

Numerical assessments that reflect an individual's knowledge and command of a language's words and meanings.