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Market Failures

Authored by Patrick Pavelchik

Social Studies

11th Grade

Used 18+ times

Market Failures
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes a public good?

A good provided by the government 
A good purchased by individuals
A good that exists only in a free market
A good that produces no externalites

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Apartment dwellers who buy fire alarms or fire extinguishers generate a

negative externality.

positive externality.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the free rider problem?

scarcity even when you pay for a good

Reaping all the benefits without contributing

Common goods that don't have a price

HyDEEE never pays for gas

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a positive externality resulting from an outdoor band concert?

An elderly woman in her apartment hears a song that she liked as a child.

A pair of endangered birds leave their nest in a nearby tree when the concert starts.

A pizza parlor closes early, because all of its customers are at the concert.

A traffic jam occurs as drivers hunt for parking spots near the concert.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An Economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

Public good

Free rider

Externalities

Private sector

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Public goods are

rival and excludable

non-rival and non-excludable

rival and non-excludable

non-rival and excludable

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Excludable means:

Someone can deny access to a good

Everyone is able to access a good

Multiple people can use something at the same time

Only one person can use something at one time

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