
Unit 4 Econ Review
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Mary Bertrand
Used 6+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods that are non-excludable and non-rivalrous in their consumption are called
market failure
public goods
gross domestic product (GDP)
externalities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods that produce social costs greater than the market price of those goods have
negative externalities
positive externalities
non-rivalrous consumption
non-excludable consumption
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a positive externality is
soil contamination below an auto mechanic shop
increased air traffic noise from a new runway
Herd immunity developing through individual vaccinations
habitat loss due to expanding farmland
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A potential negative externality of the proposed copper-nickel mine in Northern MN is...
mining innovation
increased tourism
polluting water in the Boundary Waters Canoe Area
job creation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Taxing companies and producers to cover the cost of negative externalities is an effective strategy.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Public goods are not susceptible to a market failure known as "free riders".
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a Gross Domestic Product (GDP) number tell us about a nation's economy?
The average production value for each resident
The value of goods produced by a nation's companies worldwide
The total hidden costs of all externalities.
The total value of all final goods and services produced in that nation
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