Agricultural Goals Hierarchy Quiz

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What does the non-rivalry characteristic of a public good mean?

The good can only be used by a specific group of people
The good can be used by one person without ruining it for others (correct)
The good gets destroyed after a certain number of uses
The good is only accessible in limited quantities

What is the 'tragedy of the commons' concept related to in public goods?

Sustainable use of public goods
Individuals acting in self-interest to the detriment of the collective good (correct)
Government intervention in resource allocation
Efficient market allocation of resources

Why do we rely on markets for allocating resources for most goods?

Prices are set based on a single deciding body
Price mechanism ensures efficient coordination of decisions by consumers and producers (correct)
Governments control all resource allocations
Markets lead to exploitation of public goods

How is the price system described in relation to market coordination?

"...the baton that the invisible hand uses to conduct the economic orchestra..." (A) Signup and view all the answers

What is one key function of prices in a market system?

Coordinate decisions taken by consumers and producers (A) Signup and view all the answers

Which concept refers to individuals exploiting a public good without consideration for overall sustainability?

Tragedy of the commons (D) Signup and view all the answers

What is the goal for a means that could be achieved through a buffer stock scheme?

Price stabilization (A) Signup and view all the answers

What can happen when positive achievements in one goal occur according to the text?

Decreased achievement levels in another goal (D) Signup and view all the answers

What is an example of a trade-off mentioned in the text?

Unemployment reduction and inflation reduction (D) Signup and view all the answers

What group can be harmed when policies benefit another group based on the text?

Consumers (A) Signup and view all the answers

Why might governments incur trade-offs voluntarily according to the text?

Inconsistent short and long term goals (B) Signup and view all the answers

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 (A) Signup and view all the answers

According to Snodgrass and Wallace, what is agricultural economics?

The study of methods, practices, conditions, and policies affecting agriculture (A) Signup and view all the answers

What is a policy according to the Oxford Dictionary?

A set of guidelines by which situations will be handled (D) Signup and view all the answers

What is the main purpose of a policy?

To secure consistency of purpose and avoid short-sighted decisions (C) Signup and view all the answers

In the context of policy goals, what do guideposts refer to?

Steps to be followed to reach aims (C) Signup and view all the answers

Why are policies designed to avoid decisions based on expediency?

To ensure long-term consistency and goal achievement (B) Signup and view all the answers

How does policy help in achieving specific goals?

By providing a roadmap and guidance on reaching objectives (D) Signup and view all the answers