2.10 Market Failures | Other Quiz

2.10 Market Failures

9th - 12th grade

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10 QuestionsShow answers

Question 1
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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
A good provided by the government
alternatives
A good purchased by individuals
A good that exists only in a free market
A good that produces no externalites
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Question 2
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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
The idea that market forces of supply and demand always provide the maximum benefit for society
alternatives
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
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Question 3
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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
They limit economic freedom
alternatives
They seek to limit negative externalities
They exist to protect consumers
They are always popular with private businesses
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Question 4
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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
Goods that are not safe, equitable, and profitable in the market
alternatives
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
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Question 5
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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
Increase economic freedom
alternatives
Protect consumers from negative externalities
Punish people who intervene in the free market
Provide incentives to privatize
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Question 6
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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
Increasing input costs
alternatives
Increasing profits
Lowering consumer prices
All of the above
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Question 7
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Q. Private businesses cannot always provide goods and services
answer choices
Profitably
Fairly
Safely
All of the above
Profitably
alternatives
Fairly
Safely
All of the above
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Question 8
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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
Regulatory cycle
alternatives
Business cycle
Fiscal Policy
Monetary Policy
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Question 9
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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
Postal service
alternatives
Public transportation
Airline industry
Utilities such as gas, water, electric
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Question 10
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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
the accumulation of wealth in the free market is shared between a large group of people
alternatives
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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