NSC Exam 2 with correct detailed answers
| | | | | |
optimization |- |CORRECT |ANSWER✔✔-doing |the |best |you |can |under |constraints |(/with |what |
you |have)
equilibrium |- |CORRECT |ANSWER✔✔-willingness |to |pay |for |food |has |to |be |at |least |as |great |as |
the |direct |cost |to |provide |it
efficient |- |CORRECT |ANSWER✔✔-no |more |social |benefits |can |be |achieved |given |the |resources |
available
market |failure |- |CORRECT |ANSWER✔✔-the |most |efficient |market |is |not |achieved
externality |- |CORRECT |ANSWER✔✔-cost |or |benefit |of |providing |a |product |or |service |is |
imposed |on |people |not |involved |in |the |transaction
externality |examples |- |CORRECT |ANSWER✔✔-negative: |water |pollution |
positive: |beautification |by |an |urban |garden
imperfect |competition |- |CORRECT |ANSWER✔✔--disproportionate |competition |(monopoly) |
-not |many |buyers |and |sellers
asymmetric |information |- |CORRECT |ANSWER✔✔-one |side |knows |more
(can't |make |food |decisions)
behavior |constraints |- |CORRECT |ANSWER✔✔-inability |to |make |rational |decisions
, (affect |optimization, |can |be |caused |by |hunger)
law |of |demand |- |CORRECT |ANSWER✔✔-when |price |is |low |demand |is |high
when |price |is |high |demand |is |low
price |elasticity |- |CORRECT |ANSWER✔✔-between |0-1= |inelastic
equal |to |1= |unit |elastic
greater |than |1= |elastic
(Berkley)
policies |- |CORRECT |ANSWER✔✔--institutional |rules |
-respond |to |external |factors
-express |public |interest
(drivers |of |behavior/food |system)
policy |> |legislation |- |CORRECT |ANSWER✔✔-1. |committees |introduce |policy |options
2. |Chairman's |mark
3. |floor |of |house/ |senate
4.reconcile |differences |between |house, |senate
5. |vote! |president |signature?
chairman's |mark |- |CORRECT |ANSWER✔✔-draft |bill, |starting |point
Farm |Bill |- |CORRECT |ANSWER✔✔--largest |food |policy |in |US
-Omnibus |bill: |multiple |topics
| | | | | |
optimization |- |CORRECT |ANSWER✔✔-doing |the |best |you |can |under |constraints |(/with |what |
you |have)
equilibrium |- |CORRECT |ANSWER✔✔-willingness |to |pay |for |food |has |to |be |at |least |as |great |as |
the |direct |cost |to |provide |it
efficient |- |CORRECT |ANSWER✔✔-no |more |social |benefits |can |be |achieved |given |the |resources |
available
market |failure |- |CORRECT |ANSWER✔✔-the |most |efficient |market |is |not |achieved
externality |- |CORRECT |ANSWER✔✔-cost |or |benefit |of |providing |a |product |or |service |is |
imposed |on |people |not |involved |in |the |transaction
externality |examples |- |CORRECT |ANSWER✔✔-negative: |water |pollution |
positive: |beautification |by |an |urban |garden
imperfect |competition |- |CORRECT |ANSWER✔✔--disproportionate |competition |(monopoly) |
-not |many |buyers |and |sellers
asymmetric |information |- |CORRECT |ANSWER✔✔-one |side |knows |more
(can't |make |food |decisions)
behavior |constraints |- |CORRECT |ANSWER✔✔-inability |to |make |rational |decisions
, (affect |optimization, |can |be |caused |by |hunger)
law |of |demand |- |CORRECT |ANSWER✔✔-when |price |is |low |demand |is |high
when |price |is |high |demand |is |low
price |elasticity |- |CORRECT |ANSWER✔✔-between |0-1= |inelastic
equal |to |1= |unit |elastic
greater |than |1= |elastic
(Berkley)
policies |- |CORRECT |ANSWER✔✔--institutional |rules |
-respond |to |external |factors
-express |public |interest
(drivers |of |behavior/food |system)
policy |> |legislation |- |CORRECT |ANSWER✔✔-1. |committees |introduce |policy |options
2. |Chairman's |mark
3. |floor |of |house/ |senate
4.reconcile |differences |between |house, |senate
5. |vote! |president |signature?
chairman's |mark |- |CORRECT |ANSWER✔✔-draft |bill, |starting |point
Farm |Bill |- |CORRECT |ANSWER✔✔--largest |food |policy |in |US
-Omnibus |bill: |multiple |topics
