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Published by Margarita Arnold
Microeconomics 202
Chapter 5/17 Quiz
Edition 19e
Microeconomics 202
Chapter 5/17 Quiz
Edition 19e

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Categories:Types, School Work
Published by: Margarita Arnold on Dec 12, 2012
Copyright:Attribution Non-commercial


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Question 1
1 out of 1 pointsThe two main characteristics of a public good are:AnswerSelected Answer:nonrivalry and nonexcludability.
Question 2
1 out of 1 pointsThe proposition that under some circumstances externalities can get resolved through privatenegotiation is known as:AnswerSelected Answer:the Coase theorem.
Question 3
1 out of 1 pointsThe tendency for society to overuse and therefore abuse common resources is called the:AnswerSelected Answer:tragedy of the commons.
Question 4
1 out of 1 pointsThe creation of markets for pollution rights would provide:AnswerSelectedAnswer: both an incentive not to pollute and revenue which could be devoted toenvironmental improvement.
Question 5
1 out of 1 pointsWhere there is asymmetric information between buyers and sellers.AnswerSelected Answer:markets can produce inefficient outcomes.
Question 6
1 out of 1 pointsSuppose a firm offers its workers a cafeteria plan in which it allows workers to allocate a setamount of fringe benefit money toward specific insurance. Mary, who has five kids needingbraces, selects the family dental coverage. This is an example of the:AnswerSelected Answer:adverse selection problem.
Question 7
1 out of 1 pointsProfessional buyers of antiques often have more information about the value of antiqueobjects than do the sellers. This illustrates:AnswerSelected Answer:asymmetric information.
Question 8
1 out of 1 pointsUpon learning that his auto transmission is about to fail, Ray Roma sells his car to anunsuspecting buyer. This circumstance illustrates:AnswerSelected Answer:asymmetric information.
Question 9
1 out of 1 points(Consider This) The "lemon" problem associated with the market for used cars:AnswerSelected Answer:results from asymmetric information and adverse selection.
Question 10
1 out of 1 pointsWhich of the following is an example of a public good?AnswerSelected Answer:a weather warning system
Question 11
0 out of 1 pointsBecause of the free-rider problem:AnswerSelectedAnswer: government has increasingly yielded to the private sector in producingpublic goods.
Question 12
1 out of 1 pointsA negative externality or spillover cost occurs when:AnswerSelectedAnswer: the total cost of producing a good exceeds the costs borne by theproducer.

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