REM 100 Final Exam Practice Questions and Answers (100% Pass)
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Top Papers 2024/2025
REM 100 Final Exam Practice Questions and
Answers (100% Pass)
Explain the difference between weather & climate - ️️ Weather is the current state of
the atmosphere, whereas climate is the statistical description of the weather at a
location over a longer period of time
Describe the greenhou...
Name the two types of market failures - ✔️✔️Open access & free rider
Define an open access market failure - ✔️✔️Global commons has an open access
problem, because people take advantage of the open access in order to benefit their
own situation
Define the free rider market failure - ✔️✔️Little incentive for an individual to supply or
protect a public good
What is an externality? - ✔️✔️The cost of benefit of the production or consumption of a
good or service that is experienced by people other than the producer or consumer
What is a negative externality? - ✔️✔️It relates to the negative impacts of production or
consumption. There is no compensation paid to the third party who endure the negative
impacts
What is a subsidy? - ✔️✔️A form of financial aid or support to businesses, usually by a
government, to increase public welfare/promote a public good
What is a perverse subsidy? - ✔️✔️A subsidy whose net effect reduces public welfare
What is the pigouvian tax? - ✔️✔️A tax on any market activity that generates negative
externalities. The tax is intended to correct an undesirable or inefficient market outcome
What is GDP? - ✔️✔️Gross domestic product. A measure of the size of an economy
How is GDP calculated? - ✔️✔️GDP = consumption + investment + government spending
+ (export-import)
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