Economic Markets Have a Hard Time Producing the Efficient Quantity

question 150

True/False

Economic markets have a hard time producing the efficient quantity of a public good because of forced riders.

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Definitions:

Internal Consistency

A measure of the reliability of a psychological test that assesses the extent to which different test items that propose to measure the same general construct produce similar results.

Cohen's Kappa

Cohen's Kappa is a statistical measure used to assess the reliability of inter-rater agreement for qualitative (categorical) items, correcting for the chance of agreement.

Item-total Correlation

The relationship between individual item scores and the overall score across all items in a test or questionnaire.

Split-half Reliability

An evaluation of reliability involving splitting a test into two sections and comparing scores from each section to check how consistent the test is.