1.3 Types of Market Failure Economics

1.3 Types of Market Failure Economics

11th Grade

99 Qs

quiz-placeholder

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1.3 Types of Market Failure Economics

1.3 Types of Market Failure Economics

Assessment

Quiz

Other

11th Grade

Hard

Created by

Charlie Howard

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99 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of Psychological bias in behavioral economics?

Any systematic deviation from a rational choice

A method to maximize profits in markets

A legal rule for economic transactions

A type of financial investment

2.

OPEN ENDED QUESTION

3 mins • 1 pt

What is Scarcity bias?

Evaluate responses using AI:

OFF

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Social image refer to in behavioral economics?

Humans present themselves to look good to others to produce positive rewards

The way people perceive their own abilities regardless of others

A person's private thoughts about their own actions

The economic value assigned to social media profiles

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the meaning of Social norms in behavioral economics?

Day-to-day behaviour influenced by prevailing customs

Government regulations on economic activities

Personal financial goals and ambitions

Market-driven price mechanisms

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Social proof?

When an individual looks to the behaviour of their peers to inform their decision-making

A legal document proving ownership of property

A scientific method for testing hypotheses

A type of financial investment strategy

6.

OPEN ENDED QUESTION

3 mins • 1 pt

What is Status quo bias?

Evaluate responses using AI:

OFF

7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the Sunk cost effect?

Evaluate responses using AI:

OFF

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