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Chapter 5 Micro Definitions Turbo Round

Authored by Steve Russell

Social Studies

12th Grade

Used 96+ times

Chapter 5 Micro Definitions Turbo Round
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52 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Ad-valorem tax: A tax levied on a commodity set as a ??? of the selling price

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A situation in which a person at risk is more likely to take out insurance

Adverse selection

Moral hazard

Asymmetric information

Systemic risk

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Prices can ultimately help to allocate scarce resources amongst competing uses

Allocating function of prices

Incentive function of prices

Rationing function of prices

Signalling function of prices

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Achieved when consumer satisfaction is maximised where demand equals supply and price is equal to marginal cost of production

Minimised; supply; cost

Maximised; demand; revenue

Maximised; supply; cost

Maximised; supply; revenue

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A situation in which some participants in a market have better information about market conditions than others

Adverse selection

Moral hazard

Asymmetric information

Systemic risk

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Competition Policy: Policies that aim to promote ??? based upon the idea that competitive markets are central to investment, efficiency, innovation, and growth

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A good that brings less benefit to consumers than they realise (such that too much will be consumed by individuals in a free market as ???>???)

MSB > MPB

MPC > MSC

MSC > MSB

MSB > MSC

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