Microeconomics Ch. 17-19 - Assignment Essays %

question

coarse theorem

answer

The proposition that if property rights are well defined and if bargaining is costless, then the private market can achieve an efficient outcome regardless of which of the affected parties holds the property rights.

question

command-and- control approach

answer

Approach in which a government agency specifies how much or by what method a polluting agent must adjust its emission

question

incentive approach

answer

Approaches to pollution regulation that create market-like incentives to encourage reductions in pollution but allow individual decision makers to decide how much to pollute

question

Least-Cost Reduction In Emissions

answer

Situation in which emissions are reduced so that the marginal benefit of an additional unit of pollution is the same for all polluters.

question

moral suasion

answer

An effort to change people's behavior by appealing to their sense of moral values

question

pollution

answer

Situation that exists when human activity produces a sufficient concentration of a substance in the environment to cause harm to people or to resources valued by people.

question

gini coefficient

answer

A measure of inequality expressed as the ratio of the area between the Lorenz curve and a 45° line and the total area under the 45° line.

question

Lorenz Curve

answer

A curve that shows cumulative shares of income received by individuals or groups

question

Absolute Income Test

answer

Income test that sets a specific income level and defines a person as poor if his or her income falls below that level.

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Cash Assistance

answer

A money payment that an aid recipient can spend as he or she wishes

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Discrimination

answer

When people with similar economic characteristics experience different economic outcomes because of their race, sex, or other noneconomic characteristic

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Noncash Assistance

answer

The provision of specific goods and services, such as food or medical services, job training, or subsidized child care rather than cash

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poverty line

answer

Amount of annual income below which the federal government defines a household as poor

question

poverty rate

answer

The percentage of the population that falls below the poverty line

question

Relative Income Test

answer

Income test in which people whose incomes fall at the bottom of the income distribution are considered poor.

question

Welfare Programs

answer

The array of programs that government provides to alleviate poverty

1 of 16

question

coarse theorem

answer

question

command-and- control approach

answer

Approach in which a government agency specifies how much or by what method a polluting agent must adjust its emission

question

incentive approach

answer

Approaches to pollution regulation that create market-like incentives to encourage reductions in pollution but allow individual decision makers to decide how much to pollute

question

Least-Cost Reduction In Emissions

answer

Situation in which emissions are reduced so that the marginal benefit of an additional unit of pollution is the same for all polluters.

question

moral suasion

answer

An effort to change people's behavior by appealing to their sense of moral values

question

pollution

answer

Situation that exists when human activity produces a sufficient concentration of a substance in the environment to cause harm to people or to resources valued by people.

question

gini coefficient

answer

A measure of inequality expressed as the ratio of the area between the Lorenz curve and a 45° line and the total area under the 45° line.

question

Lorenz Curve

answer

A curve that shows cumulative shares of income received by individuals or groups

question

Absolute Income Test

answer

Income test that sets a specific income level and defines a person as poor if his or her income falls below that level.

question

Cash Assistance

answer

A money payment that an aid recipient can spend as he or she wishes

question

Discrimination

answer

When people with similar economic characteristics experience different economic outcomes because of their race, sex, or other noneconomic characteristic

question

Noncash Assistance

answer

The provision of specific goods and services, such as food or medical services, job training, or subsidized child care rather than cash

question

poverty line

answer

Amount of annual income below which the federal government defines a household as poor

question

poverty rate

answer

The percentage of the population that falls below the poverty line

question

Relative Income Test

answer

Income test in which people whose incomes fall at the bottom of the income distribution are considered poor.

question

Welfare Programs

answer

The array of programs that government provides to alleviate poverty

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