18 Questions
What does the non-rivalry characteristic of a public good mean?
The good can be used by one person without ruining it for others
What is the 'tragedy of the commons' concept related to in public goods?
Individuals acting in self-interest to the detriment of the collective good
Why do we rely on markets for allocating resources for most goods?
Price mechanism ensures efficient coordination of decisions by consumers and producers
How is the price system described in relation to market coordination?
"...the baton that the invisible hand uses to conduct the economic orchestra..."
What is one key function of prices in a market system?
Coordinate decisions taken by consumers and producers
Which concept refers to individuals exploiting a public good without consideration for overall sustainability?
Tragedy of the commons
What is the goal for a means that could be achieved through a buffer stock scheme?
Price stabilization
What can happen when positive achievements in one goal occur according to the text?
Decreased achievement levels in another goal
What is an example of a trade-off mentioned in the text?
Unemployment reduction and inflation reduction
What group can be harmed when policies benefit another group based on the text?
Consumers
Why might governments incur trade-offs voluntarily according to the text?
Inconsistent short and long term goals
What diversion of resources is mentioned as an example of a voluntary trade-off in the text?
Providing cheap food for the poor instead of investing in projects like better roads
According to Snodgrass and Wallace, what is agricultural economics?
The study of methods, practices, conditions, and policies affecting agriculture
What is a policy according to the Oxford Dictionary?
A set of guidelines by which situations will be handled
What is the main purpose of a policy?
To secure consistency of purpose and avoid short-sighted decisions
In the context of policy goals, what do guideposts refer to?
Steps to be followed to reach aims
Why are policies designed to avoid decisions based on expediency?
To ensure long-term consistency and goal achievement
How does policy help in achieving specific goals?
By providing a roadmap and guidance on reaching objectives
Test your knowledge on the hierarchy of agricultural goals, focusing on topics such as economic stability, price stabilization, buffer stock schemes, and trade-offs in the agricultural sector.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
