Unit 4 Econ Review

Unit 4 Econ Review

12th Grade

14 Qs

quiz-placeholder

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Unit 4 Econ Review

Unit 4 Econ Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Mary Bertrand

Used 6+ times

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14 questions

Show all answers

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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