Market failure

Market failure

12th Grade

8 Qs

quiz-placeholder

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Market failure

Market failure

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market failure is best described as

The idea that market forces of supply and demand always provide the maximum benefit for society
The idea that market forces of supply and demand do not always provide the maximum benefit for society
The concept that a decision made by one party can have negative effects on another party
The concept that a decision made by one party can have positive effects on another party

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude nonpayers. Examples: Roads, mail, military.

Common access resources

Public goods

Private goods

Goods with negative externalities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Negative externalities can be best described as

When the consumption/production of a good or service has a negative impact on a third party

When the consumption/production of a good or service has any impact on a third party

When the consumption/production of a good or service has a positive impact on a third party

When the consumption/production of a good or service depletes the access for a third party

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Selling your old computer on Gumtree could be an example of

Public goods

Asymmetric information

Common access resources

Negative externalities

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

A large number of cars polluting the air could be an example of

Consumption of common access resources

Asymmetric information

Negative externalities

Public goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not an example of a public good?

Street lights

Local GP superclinic

Bottled water

Defence force

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This image is an example of

Common access resources

Public goods

Asymmetric information

Negative externalities

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Examples of market failure occur because

Business and consumers value personal benefits over social costs

Businesses value personal benefits over social costs

Consumers value social benefits over personal costs

None of the above