Economics 3-3 Homework

What is a public good?

• A product that can be consumed by one person at a time
• A service provided by private businesses only
• A commodity or service that is provided without profit to all members of a society
• A good that is sold only to the highest bidder

What does the public sector refer to?

• The part of the economy that is run by private individuals or companies
• The part of the economy that is controlled by the government
• The sector that involves international trade
• A section of the market that deals with luxury goods

What is the private sector?

• The part of the economy that is controlled by the government
• The sector that involves only nonprofit organizations
• The part of the economy run by individuals and companies for profit
• The part of the economy that provides public goods

What does infrastructure refer to in economics?

• The basic physical and organizational structures needed for the operation of a society
• The financial assets of a company
• The software used in business operations
• The marketing strategies of a company

Who is considered a free rider in economics?

• Someone who pays for more than they receive
• Someone who benefits from resources without paying for the cost of the benefit
• A person who sells goods at a fair price
• A consumer who always buys in bulk

What is a market failure?

• A situation where the market is perfectly competitive
• A situation where the market does not allocate resources efficiently
• A success in providing goods efficiently
• A market situation where prices are always stable

Which of the following is an example of a public good?

• A private school
• A movie ticket
• A lighthouse
• A personal computer

Which of the following would be part of the public sector?

• A local bakery
• The city’s fire department
• A national fast-food chain
• An online retailer

What is an example of infrastructure?

• Office furniture
• Roadways and bridges
• The stock market
• A company’s logo

Which of the following is an example of market failure?

• A store selling out of a popular toy
• A company lowering its prices to attract customers
• Pollution from a factory affecting nearby residents
• A successful advertising campaign