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ECON UNIT 2
What type of good is the following image?
What type of good is the following image?
ECON UNIT 2
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Answers
1
What type of good is the following image?
Common Good/Resource
Public Good
Club Good
Private Good
2
What type of good is the following image?
Private Good
Public Good
Common Good/Resource
Club Good
3
This goal priortizes constantly increasing production of all goods and services
Economic Growth
Economic Stability
Economic Freedom
Economic Equity
4
What economic system combines aspects from other economic systems?
Command Economies
Traditional Economy
Market Economies
Mixed Economy
5
Who/What decides what is produced, how things are produced and for whom things go to in a market economy?
Invisible Hand/People's self interest
Interest groups
The President
The government
6
What "problem" comes with common goods/resources?
Nobody paying into common goods problem
Free rider problem
Abuse of common goods problem
Overextraction of resources problem
7
Why do economists like dislike command and control polices?
C&C policies are subject to compromise and lobbying
No incentives to improve the environment beyond the law
All the other answers are true
Dont account for firms having an easier or harder time meeting standards
8
Why are public goods hard to put a price tag onto?
People pay into them inequally
They are excludable
They are non-excludable
They are non-rivalrous
9
What economic goal focus on making sure everyone is "paying their fair share" to support low income families?
Economic Growth
Economic Freedom
Economic Stability
Economic Equity
10
Why are externalities representative of market failure?
Letting people pollute is bad for the environment
Markets are collapsing because of negative externalities
Externalites make goods & services not be allocated the most efficient way
Producers are earning too much money
11
What answer
best
represents a positive externality
Watching an awesome movie
Eating healthy
Telling your friends how to parallel park after you learned in drivers ed
Pollution from factory production
12
What type of good is represented by the photo?
Club Good
Public Good
Private Good
Common Good/Resource
13
What type of good is the following image?
Common Good/Resource
Private Good
Public Good
Club Good
14
What economic system was traditionally used to benefit a ruler or ruling class?
Traditional Economy
Command Economy
Mixed Economy
Market Economy
15
How does the government support positive externalities?
Command and Control policies
Corrective Tax
Cap and Trade
Subsidies
16
In the factor market portion of the circular flow model, what do firms give to households?
Labor
Wages/Dividends
Goods/Services
Land
17
What type of good is non-excludable and rival?
Club Good
Common Good/Resource
Private Good
Public Good
18
Which of these is a command and control policy?
Cap and Trade
None of them are command and control policy
Subsidies
Corrective Tax
19
In the product market portion of the circular flow model, what do firms give to households?
Land
Wages/Dividends
Goods/Services
Labor
20
What answer
best
represents a negative externality
Telling your friends how to parallel park after you learned in drivers ed
Pollution from factory production
Eating healthy
Watching an awesome movie
21
This goal priortizes maximizing resources and minimizing waste
Economic Freedom
Economic Stability
Economic Growth
Full Employment/Economic Efficiencey
22
What type of good is excludable and rival?
Private Good
Common Good/Resource
Public Good
Club Good
23
True or false: Companies that pollute more will have to pay more money when there is a corrective tax in place
False
True
24
What type of good is non-excludable and non-rival?
Public Good
Club Good
Private Good
Common Good/Resource
25
What type of good is excludable and non-rival?
Public Good
Private Good
Club Good
Common Good/Resource
26
What "problem" comes with public goods?
Overextraction of resources problem
Free rider problem
Nobody paying into public goods problem
Overuse of public goods problem
27
What
best
describes how cap and trade policies benefit
small
producers?
They earn money from selling permits
They can buy permits from other companies
They pollute less
They can pollute more
28
Which of the following
best
describes why vaccines create positive externalities?
Your sickness is less severe than if you weren't vaccinated
Herd immunity means fewer people get sick
You get sick less often
There are incentives to get vaccinated
29
What type of good is the following image?
Club Good
Private Good
Public Good
Common Good/Resource
30
Why are market economies imperfect?
Price gouging
Inequal distribution of wealth
All of other answers are true
Monopolies stifle competition
31
This goal priortizes letting people do the things they want to do
Economic Stability
Economic Growth
Economic Equity
Economic Freedom
32
What type of good is the following image?
Public Good
Common Good/Resource
Club Good
Private Good
33
In the factor market portion of the circular flow model, what factors of production do households sell to firms?
Labor
Land
All of the Above
Capital
34
This goal priortizes prices being predictable
Economic Growth
Economic Stability
Economic Freedom
Full Employment/Economic Efficiencey
35
What answer
best
represents a negative externality
Eating healthy
Hating a movie that you watched
Not sleeping enough and failing a test
Being annoyed from a loud party next door
36
What is the oldest economic system?
Traditional Economies
Market Economies
Mixed Economices
Command Economies
37
What two goals best represent what market economies prioritize?
Economic Freedom/Economic Stability
Economic Freedom/Full Employment
Economic Stability/ Economic Growth
Economic Equity/Economic Security
38
This goal focuses on making sure people have the things they need to live their life, especially those who are poor
Economic Freedom
Economic Growth
Economic Equity
Economic Security
39
What economic system is commonly referred to as a "planned economy"?
Command Economy
Traditional Economy
Mixed Economy
Market Economy
