NEW
Font size
WorksheetsPublic/Private Sector Review
Total questions: 24
Worksheet time: 12mins
Which of the following is a characteristic of a public good?
It is rivalrous.
It is excludable.
It is non-rivalrous.
It is paid for with private funds.
What does it mean for a good to be non-excludable?
It can be provided for one without providing for all.
It is impossible or impractical to provide for one without providing for all.
It goes away as it is consumed.
It is paid for with private funds.
How are public goods typically funded?
Through private donations.
Through tax revenue.
Through user fees.
Through loans.
In which sector would goods funded by the government for the use of all people be found?
market
business
private
public
Which sector is typically driven by profit motives and competition?
Public Sector
Private Sector
Non-Profit Sector
Informal Sector
What is a common characteristic of the public sector?
Profit-driven
Funded by taxes
Operates in informal economy
Focuses on individual gain
Which sector is more likely to be involved in the provision of healthcare and education services?
Public Sector
Private Sector
Non-Profit Sector
Informal Sector
Which of the following is an example of a public good?
Private School
Infrastructure
Shopping Mall
Private Security
Which of the following is NOT typically considered a public good?
Education
Police Protection
Private Club Membership
Postal Service
What is one of the characteristics of market failures?
The market distributes a good efficiently
The market distributes a good inefficiently
The market always benefits everyone equally
The market never has any issues
Who is a free rider in the context of market failures?
A person who pays for a public good
A person who does not benefit from a public good
A person who benefits from a public good without paying for it
A person who creates a public good
Which of the following is associated with market failures?
Externalities
Perfect competition
Efficient resource allocation
High consumer satisfaction
What is an externality?
A cost or benefit of a good or service that goes to someone who did not produce or consume that good or service
A cost or benefit of a good or service that only affects the producer
A cost or benefit of a good or service that only affects the consumer
A cost or benefit of a good or service that affects the government
Which of the following is an example of a positive externality?
You renovate a run-down house and your neighbors’ property value increases
Your house is foreclosed on and your neighbors’ property value decreases
A factory pollutes a river, affecting the local fish population
A company cuts down a forest, reducing air quality in the area
Which of the following is an example of a negative externality?
You renovate a run-down house and your neighbors’ property value increases
Your house is foreclosed on and your neighbors’ property value decreases
A company plants trees, improving air quality in the area
A community garden is created, providing fresh produce to local residents
Which of the following is an example of a positive externality mentioned in the notes?
Regulations to reduce greenhouse gases
Education benefits all of society
Factories emitting gases
Decreasing regulations
Which of the following is an example of a negative externality mentioned in the notes?
Education benefits all of society
Regulations to reduce greenhouse gases
Increasing positive externalities
Decreasing positive externalities
What are safety nets?
Services and assistance provided by the government to help those temporarily without income or who are at or below the poverty line.
A type of insurance policy for natural disasters.
A financial strategy for investing in stocks.
A method for saving money for retirement.
What is the definition of the Poverty Threshold?
The income level too low to support a household
The income level too high to support a household
The average income level of a household
The income level required to be considered wealthy
Who reports on and adjusts the poverty level each year in the United States?
The U.S. Census
The Federal Reserve
The Department of Education
The Internal Revenue Service
What is the purpose of directing taxes into welfare programs?
To build infrastructure
To help those living in poverty
To fund military operations
To support educational institutions
What is the main purpose of the Temporary Assistance for Needy Families (TANF) program?
To provide health coverage for low-income people
To help needy families achieve self-sufficiency
To offer nutrition assistance to low-income individuals
To provide educational grants to students
Which program is designed to provide health coverage for low-income people?
TANF
SNAP
Medicaid
Medicare
What does the Supplemental Assistance Nutrition Program (SNAP) offer?
Health coverage for low-income people
Educational grants to students
Nutrition assistance to low-income individuals and families
Housing assistance to homeless individuals
