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Social Studies
10th
grade
2.10 Merit/Demerit Goods & Private/Public Goods
11 questions
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- 1. Multiple Choice
Which of the following is a non-rivalrous good?
a car
pizza
a hiking trail
a canoe
- 2. Multiple Choice
A situation of market failure is said to exist if;
buyers and sellers pay for the true opportunity costs of their actions
there are no externalities
the government provides merit goods free
third parties in society are affected and not compensated
- 3. Multiple Choice
This is the fact that consumption of a public good cannot be confined to those who have paid for it.
Non-Rivalrous
External cost
Non-excludable
Freeriders
- 4. Multiple Choice
Products where social benefits to the community outweighs the private benefits to the consumer:
Merit goods
Demerit goods
Public goods
Economic goods
- 5. Multiple Choice
Which of the following is an example of a public good?
A lighthouse
The public transport (bus or train)
Water to homes
A coca cola
- 6. Multiple Choice
TWO ANSWERS ARE CORRECT: Market failure occurs:
The free market fails to open on time
Free markets fail efficiently allocate resources
Price mechanism is NOT low enough for all consumers to afford the good
Price mechanism fails to account for all costs and benefits associated with consumption of a product
- 7. Multiple Choice
Products that the government feels that people will under-consume and suppliers over supply:
Merit goods
Demerit goods
Public goods
Economic goods
- 8. Multiple Choice
Tend to have positive externalities
Merit goods
Demerit goods
Private goods
Economic goods
- 9. Multiple Choice
More harmful than customers realize:
Merit goods
Demerit goods
Private goods
Economic goods
- 10. Multiple Choice
This means that consumption by one person does not reduce the consumption by another persons.
Non-Rivalrous
External cost
Non-excludable
Freeriders
- 11. Multiple Choice
Products people underestimate the benefits of consuming and producing
Merit goods
Demerit goods
Public goods
Economic goods
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