Econ 3.3 Quiz

What does the U.S. government provide to address market failures?

• Private goods

• Public goods and infrastructure

• Luxury goods

• Personal services

What is an example of a market failure?

• Perfect competition

• Free rider problem

• Efficient markets

• Balanced trade

What is a subsidy?

• A tax on goods

• A financial aid provided by the government

• A penalty for pollution

• A fee for public services

How does the government decrease negative externalities?

• By ignoring them

• By increasing taxes

• By providing public goods

• By implementing regulations

What is the role of consumers and producers in the U.S. economy?

• They only consume resources

• They only produce goods

• They determine the flow of money and resources

• They have no role

What is the main focus of the reading study guide section?

• Government and Free Enterprise

• Private Business Strategies

• International Trade

• Personal Finance

What should students do as they read the material?

• Memorize all the facts

• Take notes to understand government actions

• Ignore the diagrams

• Focus only on vocabulary

What is the purpose of the 'Vocabulary Hunt' activity?

• To memorize definitions

• To circle terms and understand their meanings

• To write essays

• To create diagrams

What percentage of spending was allocated to Mass Transit according to the graph?

• 12.4%

• 15%

• 11.5%

• 6.3%

What percentage of spending was allocated to Airports in 2001?

• 6.3%

• 7.6%

• 2.5%

• 12.4%