Market Failure & Government Intervention
Authored by Paul Goh
Business
12th Grade
Used 1+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a public good?
A good that is both non-excludable and non-rivalrous
A good that is excludable but non-rivalrous
A good that is non-excludable but rivalrous
A good that is both excludable and rivalrous
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an externality?
A benefit or cost that affects a third party not directly involved in the market transaction
A cost that affects only the buyer in a market transaction
A benefit that affects only the seller in a market transaction
A benefit or cost that only affects the buyer and seller in a market transaction
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is asymmetric information?
Information that is only known to the seller in a market transaction
Information that is only known to the buyer in a market transaction vice versa
Information that is known to both the buyer and seller in a market transaction
Information that is not known to either the buyer or seller in a market transaction
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common access resource?
A resource that is both non-excludable and non-rivalrous
A resource that is excludable but non-rivalrous
A resource that is non-excludable but rivalrous
A resource that is both excludable and rivalrous
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of indirect taxation in addressing market failure?
To encourage the consumption of a good
To discourage the consumption of a good
To provide a revenue source for the government
To provide a subsidy for the production of a good
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of subsidies in addressing market failure?
To encourage the consumption of a good
To discourage the consumption of a good
To increase the price of a good
To decrease the price of a good
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of regulations in addressing market failure?
To encourage the consumption of a good
To discourage the consumption of a good
To provide a revenue source for the government
To ensure that market transactions are conducted fairly and efficiently
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