Repo 1
What is the government association that is responsible for the regulation of food labeling?
FDA (Food & Drug Administration)
____________ has the properties of nonrivalry in consumption and nonexcludability.
Public Good
Groundwater is considered what type of good?
Non-excludable - rivalrous
The ________ act provided federal funds to states land grant colleges in order to create a series of experiment stations.
The Hatch Act
What alcoholic beverage is produced mostly in Kentucky, which makes about 95% of the world’s supply and has more barrels of it than people?
Bourbon
The taking of land by the federal government for public use with compensation is called?
Eminent Domain
Which branch implements policy?
Executive
_____ costs are the costs of reducing emissions.
Abatement
Industrial wastewater being returned to a river system is an example of a:
Negative Externality
Kentucky is the birthplace to what U.S. President?
Abraham Lincoln
Which of the following is an example of the free rider problem — when individuals benefit from a public good without paying for it?
A. A person watches fireworks paid for by the city without contributing any money.
B. A customer buys a concert ticket.
C. A student pays tuition for college.
D. A driver pays a toll to cross a bridge.
A. A person watches fireworks paid for by the city without contributing any money.
How many appropriations bills must be passed in the budget process?
12
____________ has the properties of nonrivalry in consumption and nonexcludability.
Public good
______________ is defined as a situation in which the independent pursuit of self-interest by two parties makes both worse off.
Prisoners Dilemma
What famous baseball bat is made in Kentucky?
Louisville Slugger
"As long as negotiation costs are negligible and affected consumers can negotiate freely with each other, the court could allocate the entitlements to either party, and an efficient allocation would result." This statement is attributable to what economist?
Ronald Coase
_______ describes the principle that trade will be mutually beneficial if each partner specializes where they have the greatest relative efficiency.
Comparative Advantage
Many militia groups believe that government should not be involved in most segments of the economy. What term would describe this type of government involvement?
Laissez-faire
_______________refers to a bundle of entitlements defining the owner's rights, privileges, and limitations for use of a resource.
Property rights
Kentucky is home to what Fort, where a large portion of the U.S. Treasury’s gold reserves is stored?
Fort Knox
Historically, the two main laws covering toxic chemical substances introduced into the environment are the Toxic Substances Control Act of 1976 and the other is ____________________.
Federal Insecticide, Fungicide and Rodenticide Act (of 1947)
The first federal act that outlawed monopolistic business practices
Sherman Anti-Trust Act
What phrase is often used to refer to situations that involve a conflict for resources between individual interests and the common good, such as overfishing in the oceans?
Tragedy of the Commons
The theory if property rights are clearly defined and transaction costs are low, private bargaining can solve external issues
Coase Theorem
What is the name of the longest cave system in the world, located in Kentucky's Mammoth National Park, and stretching for over 400 miles?
Mammoth Cave