Economics Quiz

Economics Quiz

University

15 Qs

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Economics Quiz

Economics Quiz

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Hân Phạm

Used 2+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market failure occurs when

Private cost is different from social cost

The government raises taxes

The price of a good is equal to the marginal cost

None of the above


2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Public goods are those for which

individuals who do not pay can be excluded from consuming the good.

individuals who do not pay cannot be excluded from consuming the good.

external costs exist.

no external costs exist.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Freeriding

is possible if the consumption of a good is characterized by excludability.

is possible if the consumption of a good is characterized by non excludability.

is characteristic of private goods.

occurs when consumers pay too much for services provided by government

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consider the market for hot dogs. As long as the marginal benefit of consuming hot dogs is greater than the price of hot dogs,

People receive consumer surplus from eating hot dogs.

The price of hot dogs will rise.

The value of hot dogs will rise.

There is no decreasing marginal benefit of eating hot dog

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The marginal private cost of a chemical is $80 per ton and its marginal external cost is $10 per ton. What is the marginal social cost of the chemical?

$70 per ton

$85 per ton

$90 per ton

$45 per ton

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the case of producing a good with a negative externality, a firm will be likely to consider only the ________ marginal costs of production, leading to the production of ________.

External; more output than is socially optimal

Private; more output than is socially optimal

Private; less output than is socially optimal

External; less output than is socially optimal

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When consumption of a good is non rival and non excludable, the good is a

Public good

Private good

Mixed good

Service

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