BEcons 2022 Session 3

Which of the following is NOT a positive externality?

• Education

• Technology Spillover

• Noise Pollution

• Research and Development

Consumers do not have accurate information about market prices or product quality.

• Asymmetric Information

• Fake News

• Pollution

• Market Power

Goods that are nonrival and nonexclusive.

• Private Goods

• Public Goods

• Club Goods

• Common Resources

A consumer or producer who does not pay for a nonexclusive good in the expectation that others will.

• Mafia

• VIP

• Free Rider

• Celebrity

Which of the following is an example of public good?

• Clean Air and Water

• Congested Roads

• Fish, Whales, and Other Wildlife

• National Defense

It is an institution where buyers and sellers would exchanges goods and services with one another

• Economy

• Society

• Market

• Business Firms

This refers to the decline on the purchasing power of money or a given currency over time

• Inflation

• Risks

• Costs

• Recession

What theory was studied in traditional economics in relation to price determination?

• Theory of Prices

• Theory of Value

• Theory of Behaviour

• Theory of Supply

This type of market competition is defined as many firms are producing similar, yet differentiated, products.

• Monopolistic Competition

• Perfect Competition

• Oligopolistic Competition

• Pure Competition

An economic problem that looks into every individual’s unlimited wants given limited resources

• Price Volatility

• Inflation

• Negative Externality

• Scarcity