
Market Failure
Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Kathyrn Magdaline MARQUARDT MARQUARDT
Used 3+ times
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17 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude nonpayers. Examples: Roads, mail, military.
Common access resources
Public goods
Private goods
Goods with negative externalities
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The following statements are true of government regulations except
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In which of the following situations is market failure least likely to occur? A situation where;
externalities exist
many producers compete in the market
there is a sole producer in market
there is a very uneven distribution of income and wealth
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following statements is true about externalities?
When externalities exist, resources are allocated efficiently
When positive externalities exist, efficiency is improved by taxing the product
From society's point of view, the output of goods for which a positive externality exists is too low
The price system overproduces goods with positive externalities
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When social costs are greater than private costs, there is a;
positive externality
negative externality
less than socially optimal output
socially optimal output
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a characteristic of a merit good?
It could be provided by the free market, but not in sufficient quantities
It is always provided free to consumers
It tends to generate negative externalities, so governments restrict its consumption
Once the good has been supplied to one consumer, there is no additional cost in supplying it to others
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of a public good?
A lighthouse
The public transport (bus or train)
Water to homes
A coca cola
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