
Market Failure Basics
Authored by Andrew Carr-Hyde
Social Studies
9th - 12th Grade
Used 1+ times

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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which best describes a public good?
A good that produces no externalites (spillover effects)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market failure is best described as
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is not an example of a public good?
Street lights
Local free clinic
Bottled water
Defence force
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Apartment dwellers who buy fire alarms or fire extinguishers generate a
negative externality (Spillover effect)
positive externality (Spillover effect)
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Public goods, such as defence, are not supplied by the price system because;
the capital cost is too high
the benefits would not be restricted to buyers but would be available to non-buyers as well
public goods are necessities and therefore cannot be left to the price system
monopolies would make too large profits
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following does not apply to merit goods and services?
They provide private and social benefits
They are limited in supply and require a system of allocation
They could be paid for by the consumer if a market system was allowed to operate
They have the characteristic of non-excludability
7.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
Public goods are non-rival and non- ?
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