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Markets, Efficiency And The Public Interest/MCQs

Markets, Efficiency And The Public Interest – MCQs

167 questions. Click to practice.

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Correct options are highlighted when revealed.

1.Which of the following is an example of a public good?

A well-maintained private garden.Conservation of wetland areas.A service provided by a utility company.An individual-owned book.A personal electronic device.

2.Which of the following best describes private goods?

Goods that are non-rivalrous and cannot exclude others from benefitingGoods that are rivalrous and can exclude others from using themGoods that are rivalrous but cannot exclude others from usageGoods that are non-rivalrous but can prevent others from accessing them

3.Under what condition does the assumption that free and unregulated markets lead to an efficient outcome fail?

When consumers lack complete informationWhen companies do not accept market prices for inputsWhen firms have pricing power in the product marketAny of the above scenarios

4.The government raises the minimum wage, and the National Association of Fast Food Restaurants asks you to assess how this increase will affect their sector. What type of analysis does this scenario represent?

Analysis of industry-wide equilibriumFocused equilibrium assessmentPartial equilibrium evaluationComprehensive general equilibrium studyNone of the above

5.If good Q provides benefits to others beyond the consumer, and firms produce good Q where price equals marginal cost (P = MC), how will the quantity produced compare to the socially optimal level?

Below the socially optimal quantityAbove the socially optimal quantityAt a level where consumer surplus is eliminatedExactly at the socially optimal quantityAt a level that maximizes firm profits

6.What term describes the overall expense to society when one more unit of a product or service is produced?

incremental harm costmarginal social costadditional private expensemarginal external expense

7.When the price of good X exceeds its marginal cost, how does society benefit?

Increasing the selling price of good X.Reducing the quantity of good X produced.Expanding the production of good X.Raising the expenses involved in producing good X.

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