Podcast
Questions and Answers
What is the term for taxes that are a percentage of price?
What is the term for taxes that are a percentage of price?
- Ad valorem taxes (correct)
- Progressive taxes
- Specific taxes
- Proportional taxes
Which term describes a situation where one party has better information than the other in a transaction?
Which term describes a situation where one party has better information than the other in a transaction?
- Market power
- Perfect competition
- Information equilibrium
- Asymmetric information (correct)
What is the function of the Competition and Markets Authority (CMA) in the UK?
What is the function of the Competition and Markets Authority (CMA) in the UK?
- Reduce anti-competitive strategies (correct)
- Promote monopoly power
- Increase consumer exploitation
- Limit market competition
When there is a missing market, what type of market failure occurs?
When there is a missing market, what type of market failure occurs?
Which term refers to external effects imposed on society by the production or consumption of goods?
Which term refers to external effects imposed on society by the production or consumption of goods?
What is the purpose of deregulation in an industry?
What is the purpose of deregulation in an industry?
What term is used to describe the situation when one person's consumption of a good or service does not decrease the amount available for consumption by another consumer?
What term is used to describe the situation when one person's consumption of a good or service does not decrease the amount available for consumption by another consumer?
Which term refers to goods where the social costs in consumption exceed the private costs in consumption?
Which term refers to goods where the social costs in consumption exceed the private costs in consumption?
What is the term for negative external effects imposed on society derived from the production or consumption of a good or service?
What is the term for negative external effects imposed on society derived from the production or consumption of a good or service?
In economics, what does the term 'nationalise' mean?
In economics, what does the term 'nationalise' mean?
What concept describes resources not being distributed optimally?
What concept describes resources not being distributed optimally?
Which term signifies the situation where workers find it hard to switch between different occupations due to a lack of transferable skills?
Which term signifies the situation where workers find it hard to switch between different occupations due to a lack of transferable skills?
What is the main characteristic of a private good?
What is the main characteristic of a private good?
What is the key feature of a public good?
What is the key feature of a public good?
What is the term used for a positive or negative effect on a third party not involved in a transaction?
What is the term used for a positive or negative effect on a third party not involved in a transaction?
What does 'regulatory capture' refer to?
What does 'regulatory capture' refer to?
Which term describes converting ownership from public to private?
Which term describes converting ownership from public to private?
What does 'rationing' involve?
What does 'rationing' involve?
