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 ?
A. Pareto goods
B. public goods
C. private goods
D. free goods
A. Pareto goods
B. public goods
C. private goods
D. free goods
A. When firms are not profit maximisers
B. When firms have some control over price and competition
C. When the consumption of the good involves an external benefit
D. Whenever firms are losing money.
imperfect competition occurs ? Read More »
Economics Mcqs, Efficiency And The Public Interest, Markets A. efficiency analysis
B. partial equilibrium analysis
C. general equilibrium analysis
D. equity analysis
The statement everything affects everything else reflects the principle behind ? Read More »
Economics Mcqs, Efficiency And The Public Interest, Markets A. decision makers do not take them into account
B. all firms are perfectly competitive
C. the externalities are negative
D. all firms are monopolistic
Externalities are a problem only if ? Read More »
Economics Mcqs, Efficiency And The Public Interest, Markets A. Marginal benefit equals marginal damage cost
B. marginal benefits equals marginal social cost
C. marginal benefit equals marginal private cost
D. marginal social cost equals marginal external cost
A person will continue to pursue an activity up to the point where ? Read More »
Economics Mcqs, Efficiency And The Public Interest, Markets A. technically efficient.
B. inefficient.
C. potentially efficient
D. unequivocally Pareto optimal
A. elected officials will act selflessly for the good of society and ignore their own self interest
B. the managers of government agencies are trying to maximize the profit of their agency and they ignore the implications that this has on other departments
C. the optimal level of public goods may be too expensive for the society to produce
D. the measurement of social damages and benefits is difficult and imprecise
A. The coase theorem
B. Arrow’s impossibility theorem
C. the drop -in-the bucket problem.
the free rider problem
A. non-rivalry
B. the free-rider problem
C. the Coase theorem
D. the fallacy of composition
A. limitless in utility
B. non-rival in consumption
C. congestible in consumption
D. non-excludable