ECON 201 Ch 7, 10, 11
Authored by Pat Beck
Social Studies
University
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18 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Given the following market information, how much Total Surplus would be generated at the market-clearing price?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a free market, without government intervention, which of the following do you expect to be under-supplied?
Private Goods
Public Goods
Club Goods
Common Resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a free market, without externalities, which of the following do you expect to be produced and consumed in an efficient manner?
Private Goods
Public Goods
Club Goods
Common Resources
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In a free market, which of the following do you expect to be under-consumed?
Private Goods with negative externalities
Public Goods
Club Goods
Common Resources
Private Goods with positive externalities
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In a free market, which of the following do you expect to be over-produced?
Private Goods with negative externalities
Public Goods
Club Goods
Common Resources
Private Goods with positive externalities
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
In the absence of transaction costs, private property rights in a Coasian bargain can be used to solve for:
Private Goods with negative externalities
Public Goods
Club Goods
Common Resources
Private Goods with positive externalities
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Total surplus for a single transaction can be calculated as
TS = PS - CS
TS = WTP - WTA
TS = WTP + WTA
TS = PS + CS
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