
Chapter 5 Micro Definitions Turbo Round
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Steve Russell
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52 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Ad-valorem tax: A tax levied on a commodity set as a ??? of the selling price
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A situation in which a person at risk is more likely to take out insurance
Adverse selection
Moral hazard
Asymmetric information
Systemic risk
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Prices can ultimately help to allocate scarce resources amongst competing uses
Allocating function of prices
Incentive function of prices
Rationing function of prices
Signalling function of prices
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Achieved when consumer satisfaction is maximised where demand equals supply and price is equal to marginal cost of production
Minimised; supply; cost
Maximised; demand; revenue
Maximised; supply; cost
Maximised; supply; revenue
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A situation in which some participants in a market have better information about market conditions than others
Adverse selection
Moral hazard
Asymmetric information
Systemic risk
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Competition Policy: Policies that aim to promote ??? based upon the idea that competitive markets are central to investment, efficiency, innovation, and growth
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A good that brings less benefit to consumers than they realise (such that too much will be consumed by individuals in a free market as ???>???)
MSB > MPB
MPC > MSC
MSC > MSB
MSB > MSC
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