What is imperfect information?
8th Grade economics precomp review

Quiz
•
Business
•
8th Grade
•
Easy
Tommy Mora
Used 3+ times
FREE Resource
45 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When a member of a public sector switches to a member of the private sector
When the market price is different than the actual price
When a producer is not aware of the costs of resources, causing marginal revenue loss per product produced
When the buyer, seller, or both lack information about the product quality
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is asymmetric information?
When both parties have equal information about a transaction
When one party has more or better information than the other
When information is irrelevant to the transaction
When information is perfectly distributed among all market participants
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can imperfect information affect market outcomes?
It leads to perfect competition
It can cause market failures and inefficiencies
It ensures all parties make informed decisions
It has no impact on market outcomes
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a market with imperfect information?
A stock market with transparent and timely information
A market where all products are identical and well-known
A market where consumers have full knowledge of product quality
A used car market where sellers know more about the car's condition than buyers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does moral hazard occur?
When the tax rate becomes disproportionate to a person, leading them to poverty
When people take risks they would otherwise not take because they are insured
When people spend more than their disposable income allows
When a person retires without proper retirement benefits
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are subsides?
A limit used to reach market equilibrium
A barrier to entry in an oligopoly
Payments from the government
Portions of income taken by the government
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can subsidies impact market prices?
They can lower the market price by reducing production costs
They always lead to higher taxes
They have no effect on market prices
They increase the market price of goods
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