Chapter 4 Review- Macro

Chapter 4 Review- Macro

University

11 Qs

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Chapter 4 Review- Macro

Chapter 4 Review- Macro

Assessment

Quiz

History

University

Practice Problem

Medium

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market failures

are only a concern when they result in prices that are too high.

apply exclusively to situations where markets do not produce any of an economically desirable good.

result in overproduction or underproduction of a good.

result from government interference in markets.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producer surplus is the difference between

the maximum prices consumers are willing to pay for a product and the lower equilibrium price.

the quantity supplied and quantity demanded at an above equilibrium price.

the minimum prices producers are willing to accept for a product and the higher equilibrium price.

the maximum prices consumers are willing to pay for a product and the minimum prices producers are willing to accept.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Other things equal, a fall in the market price caused by a change in supply will

increase consumer surplus.

decrease consumer surplus.

increase producer surplus while leaving consumer surplus unchanged.

decrease producer surplus while leaving consumer surplus unchanged.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The marginal cost to society of reducing pollution rises with increases in pollution abatement because of the law of

diminishing marginal utility.

conservation of matter and energy.

demand.

diminishing returns.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Asymmetric information in a market transaction occurs when there is unequal knowledge possessed by the

buyer and the government.

seller and the government.

taxpayer and the government.

buyer and the seller.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The moral hazard problem is the tendency of some parties to a contract to alter their behavior as a result of the contract in ways that are costly to the other party.

True.

False.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

eBay, Amazon, and other Internet shopping sites provide "seller ratings" done by previous buyers, in order to help deal with the problem of

adverse selection.

externalities.

moral hazard.

public goods.

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