Explore key microeconomic concepts through this engaging test. Assess your understanding of externalities, market behaviors, government interventions, and consumer responses to price changes. Perfect for learners seeking to enhance their economic reasoning and decision-making skills.
A merit good
An externality
The free-rider problem
A public good
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0.05
0.5
0.2
2.0
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Decreasing the costs to those responsible for the externality
Decreasing taxes
Increasing taxes or regulation
Allowing the market system to correct the problem
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The increase in utility divided by the total number of units consumed
The change in total utility divided by the change in number of units consumed
The total utility divided by the total number of units consumed
The number of units consumed divided by the total utility
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The usefulness of a good or service
The objective measure of the desirability of a good or service
The want-satisfying power of a good or service
The utilitarian value of a good or service
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Market forces will always correct the problem
The market price is below the socially preferred price that reflects the external costs
The market price is above the socially preferred price that reflects the external costs
The market quantity is too low from society's point of view
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How much the market price changes in response to a change in demand
The producers' sensitivity to a price change
The consumers' sensitivity to a price change
How much the demand changes in response to a change in income
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