Merit/Demerit, Public/Private, Consumer/Producer Surplus
Flashcard
•
Social Studies
•
10th Grade
•
Hard
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10 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is a non-rivalrous good? a car, pizza, a hiking trail, a canoe
Back
a hiking trail
2.
FLASHCARD QUESTION
Front
A situation of market failure is said to exist if;
Back
third parties in society are affected and not compensated
3.
FLASHCARD QUESTION
Front
This is the fact that consumption of a public good cannot be confined to those who have paid for it.
Back
Non-excludable
4.
FLASHCARD QUESTION
Front
Products where social benefits to the community outweighs the private benefits to the consumer:
Back
Merit goods
5.
FLASHCARD QUESTION
Front
Which of the following is an example of a public good? A lighthouse, The public transport (bus or train), Water to homes, A coca cola
Back
A lighthouse
6.
FLASHCARD QUESTION
Front
Products that the government feels that people will under-consume and suppliers over supply:
Back
Merit goods
7.
FLASHCARD QUESTION
Front
Tend to have positive externalities
Back
Merit goods
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