Using Economic Analysis to Help Understand World Issues

question 40

Multiple Choice

Using economic analysis to help understand world issues

• A) assumes that all decision makers use detailed economic analysis
• B) highlights the role of choice when resources are scarce
• C) has unlimited application
• D) is not appropriate because reality is too complex for economic modeling
• E) typically enables one nation to gain only when another nation loses

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Definitions:

Herbert Gans

An American sociologist known for his work in urban sociology, planning and public policy, and the study of culture.

Dirty Work

Occupations or tasks considered unpleasant, physically or morally challenging, but necessary for society's functioning.

Urban Renewal

A program of land redevelopment in areas of moderate to high density urban land use, focusing on improving neighborhoods that are substandard, rundown, or otherwise underdeveloped.

Subsidize

To support financially, often through grants or contributions, to reduce the cost of a service, product, or activity for the end-user.