Market Failures
3 years ago
msgoldberg
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12 QuestionsShow answers
  • Question 1
    30 seconds
    Q. Which best describes a public good?
    answer choices
    A good provided by the government 
    A good purchased by individuals
    A good that exists only in a free market
    A good that produces no externalites
  • Question 2
    30 seconds
    Q. A market failure is best described as
    answer choices
    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
  • Question 3
    30 seconds
    Q. The following statements are true of government regulations except
    answer choices
    They limit economic freedom
    They seek to limit negative externalities
    They exist to protect consumers
    They are always popular with private businesses
  • Question 4
    30 seconds
    Q. Which is not an example of a government safety net?
    answer choices
    Unemployment Insurance
    Social Security
    Consumer Safety 
    Medicaid
  • Question 5
    30 seconds
    Q. Which is not an example of a public good?
    answer choices
    Legacy High School
    Big Dry Creek Open Space
    Target
    Broomfield Water
  • Question 6
    30 seconds
    Q. Safety nets, in the context of market failure, are 
    answer choices
    Goods that are not safe, equitable, and profitable in the market 
    Designed to minimize external costs and shift the costs back to the producers
    Payments given by the government to private companies as an incentive for them to produce a certain good
    Programs that help people who are struggling
  • Question 7
    30 seconds
    Q. Government regulations exist to
    answer choices
    Increase economic freedom
    Protect consumers from negative externalities
    Punish people who intervene in the free market
    Provide incentives to privatize
  • Question 8
    30 seconds
    Q. Government regulation may negatively affect businesses in the following ways by
    answer choices
    Increasing input costs
    Increasing profits
    Lowering consumer prices
    All of the above
  • Question 9
    30 seconds
    Q. Private businesses cannot always provide goods and services
    answer choices
    Profitably
    Fairly
    Safely
    All of the above
  • Question 10
    30 seconds
    Q.

    The ups and downs of the economy, which the government must sometimes step in to stabilize due is known as the

    answer choices

    Regulatory cycle

    Business cycle

    Fiscal Policy

    Monetary Policy

  • Question 11
    30 seconds
    Q.

    Which is not an example of a publicly owned industry intended to provide goods and services more efficiently to the public?

    answer choices

    Postal service

    Public transportation

    Airline industry

    Utilities such as gas, water, electric

  • Question 12
    30 seconds
    Q.

    Market failures occur when

    answer choices

    the accumulation of wealth in the free market is shared between a large group of people

    a command economy increases production

    the economy has a strong GDP and low interest rates

    the distribution of goods and services in the free market is not efficient and leads to loss of social wellbeing

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