[{"id":214805,"question":"If the consumption of a good by one person does not reduce the quantity available by other and nobody cna be easily excluded from consumption, we are referring to a.","choices":[{"text":"Private good","value":"A"},{"text":"Merit good","value":"B"},{"text":"Public good","value":"C"},{"text":"Abundant good","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214804,"question":"A good example of a public good is.","choices":[{"text":"Public transport","value":"A"},{"text":"National defense","value":"B"},{"text":"The national health service","value":"C"},{"text":"Rail transport","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214803,"question":"Market some times fall to exist because of.","choices":[{"text":"Externalities","value":"A"},{"text":"the free rider problem","value":"B"},{"text":"Poor transport","value":"C"},{"text":"a an b","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214802,"question":"Market failure may arise because of.","choices":[{"text":"Imperfect competition","value":"A"},{"text":"Taxation","value":"B"},{"text":"Externalities","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214801,"question":"Extremality's arise because there is a divergence between ____ and _","choices":[{"text":"Private costs, private benefits","value":"A"},{"text":"Private costs, social costs of benefits","value":"B"},{"text":"Social cost, social benefit","value":"C"},{"text":"Insiders, outsiders","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214800,"question":"If my neighbor burns garden waste causing my house to fil with smoke this is an example of.","choices":[{"text":"A production extremality","value":"A"},{"text":"A second best solution","value":"B"},{"text":"Transaction costs","value":"C"},{"text":"A consumption externality","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214799,"question":"The allocation of resources is not efficient it","choices":[{"text":"The marginal cost of production does not equal society marginal benefit","value":"A"},{"text":"The distribution is inequitable","value":"B"},{"text":"Economic growth is low","value":"C"},{"text":"Unemployment is high","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214798,"question":"A competitive equilibrium is Pareto efficient because.","choices":[{"text":"Producers are price takers","value":"A"},{"text":"Consumers and producer's face the same prices","value":"B"},{"text":"Marginal costs and benefits are equal","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214797,"question":"We cannot say whether one allocation of resources is better than another allocation because.","choices":[{"text":"some people cant count","value":"A"},{"text":"Some people may not be permanent residents","value":"B"},{"text":"Not all economic activity is legal","value":"C"},{"text":"We cant make value judgements to compare different people welfare.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214796,"question":"An allocation is Pareto efficient if no reallocation of resources would make some people_______ whiteout making others","choices":[{"text":"Worse off, worse off","value":"A"},{"text":"better off, better off","value":"B"},{"text":"better off, worse off","value":"C"},{"text":"equal , unequal","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214795,"question":"Moral Hazard means that the act of insuring __________ that the desired outcome will occur.","choices":[{"text":"Reduces the likelihood","value":"A"},{"text":"Increase the likelihood","value":"B"},{"text":"Guarantees","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214794,"question":"Land will be allocated between competing uses so that.","choices":[{"text":"Housing gets priority","value":"A"},{"text":"Industry gets priority","value":"B"},{"text":"Faming gets priority","value":"C"},{"text":"The equilibrium rental rate equilibrium total demand with supply","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214793,"question":"In the short run, the supply of capital is _______ and in the long run iwll depend on.","choices":[{"text":"Variable technology","value":"A"},{"text":"Fixed, expectations","value":"B"},{"text":"Fixed, rental rate of capital","value":"C"},{"text":"Variable, interest rates.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214792,"question":"The value of an asset depends upon","choices":[{"text":"Its scrap value","value":"A"},{"text":"Its depreciation","value":"B"},{"text":"The present value of the failure stream of income it can earn.","value":"C"},{"text":"the cost of loans","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214791,"question":"The cost of using capital services is the","choices":[{"text":"wage rate of capital","value":"A"},{"text":"Interest charges","value":"B"},{"text":"Marginal capital cost","value":"C"},{"text":"Rental rate for capital","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214790,"question":"Efficiency wages are_______ that raise","choices":[{"text":"Low wages , employment","value":"A"},{"text":"High wages, labor supply","value":"B"},{"text":"High wages, productivity","value":"C"},{"text":"High wages, employment","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214789,"question":"In the UK in recent years, union membership has ______ and days of work lost because of strikes has.","choices":[{"text":"Grown, declined","value":"A"},{"text":"declined, declined","value":"B"},{"text":"declined, grown","value":"C"},{"text":"grown , grown","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214788,"question":"Women and non whiles on average receive lower comes than white men because.","choices":[{"text":"They tend to work in relatively unskilled jobs","value":"A"},{"text":"Educational disadvantage","value":"B"},{"text":"Firms are reluctant to invest in training","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214787,"question":"In the UK under a _________ of the labour force belong to a trade union.","choices":[{"text":"Quarter","value":"A"},{"text":"Third","value":"B"},{"text":"Half","value":"C"},{"text":"Three quarters","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214786,"question":"By restricting labour supply a trade union can _________ and_______","choices":[{"text":"Increase the wage, increase employment","value":"A"},{"text":"Maintain the wage, increase employment","value":"B"},{"text":"Increase the wage lower employment","value":"C"},{"text":"Maintain the wage, lower employment","value":"D"},{"value":"E"}],"correctAnswer":3}]