Economics - Markets, Efficiency And The Public Interest
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This is the MCQs of Economics.
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Question 1 of 20
1. Question
If PX > MCX, society gains by:
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Question 2 of 20
2. Question
If some gain and some lose as the result of a proposed change and it can be demonstrated that the value of the gains would exceed the value of the losses then the change is said to be:
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Question 3 of 20
3. Question
The total cost to society of producing an additional unit of a good or service is the:
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Question 4 of 20
4. Question
A person will continue to pursue an activity up to the point where:
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Question 5 of 20
5. Question
When you consume good Q, not only do you benefit form consuming the good but other people benefit from your consumption as well, if firms produce good Q where P = MC, firms will be producing
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Question 6 of 20
6. Question
Externalities are a problem only if:
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Question 7 of 20
7. Question
The government increase the minimum wage. The National Association of Fast Food Restaurants hires you to determine the impact that this higher minimum wage will have on it industry. This is an example of:
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Question 8 of 20
8. Question
The statement every thing affects every thing else reflects the principle behind:
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Question 9 of 20
9. Question
The conclusion that free, unregulated markets will produce an efficient outcome breaks down if:
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Question 10 of 20
10. Question
imperfect competition occurs:
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Question 11 of 20
11. Question
Private goods are:
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Question 12 of 20
12. Question
The whole class of goods that will be under produced or not produced at all in a completely unregulated market economy are referred to as:
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Question 13 of 20
13. Question
An example of public good is:
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Question 14 of 20
14. Question
The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the:
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Question 15 of 20
15. Question
If one person’s enjoyment of the benefits of a good does not interfere with another’s consumption of it, the good is said to be:
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Question 16 of 20
16. Question
Because public goods are characterised by being collectively consumed:
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Question 17 of 20
17. Question
If a large number of individuals are affected by an external benefit, private bargaining will not work because of:
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Question 18 of 20
18. Question
The Coase theorem states that:
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Question 19 of 20
19. Question
The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as:
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Question 20 of 20
20. Question
Markets fail to produce an efficient allocation of resources, but government also fail because:
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