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Internet Cookies Quiz

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Questions and Answers

What type of cookies does the CORE Econ website use to improve website functionality and user experience?

Third-party cookies

Session cookies

Essential cookies (correct)

Persistent cookies

When do markets fail according to the text?

When government intervenes

When demand exceeds supply

When prices do not capture significant effects (correct)

When there is perfect competition

What does the text state about the transfer of personal and usage data by CORE Econ?

It uses personal data for marketing purposes

It shares personal data with analytics companies

It does not sell or transfer personal or usage data to third parties (correct)

It sells personal data to improve website functionality

What is the logic behind Adam Smith’s famous claim mentioned in the text?

The pursuit of self-interest leads to efficient outcomes Signup and view all the answers

What happens if analytics cookies are accepted according to the text?

They will help improve website functionality and user experience Signup and view all the answers

What is one cause of market failure mentioned in the text?

A firm producing a differentiated good with price greater than marginal cost Signup and view all the answers

What type of market allocation is Pareto efficient according to the text?

Competitive market allocation Signup and view all the answers

When is the market allocation of a good unlikely to be Pareto efficient?

When the decisions of producers and consumers affect others in ways not adequately taken into account Signup and view all the answers

What do we need to consider when analyzing gains from trade in cases of market failure?

Costs or benefits experienced by parties who are neither buyers nor sellers Signup and view all the answers

What is an example of market failure mentioned in the text?

A firm producing a differentiated good with price greater than marginal cost Signup and view all the answers

Study Notes

CORE Econ Website Cookies and Market Efficiency

CORE Econ website uses essential cookies for functionality, which can be disabled but may affect access to resources
Analytics cookies will be set only if accepted, to improve website functionality and user experience
No personal or usage data is sold or transferred to third parties
Deepwater Horizon drilling rig on fire mentioned in passing
Unit 12 discusses markets, efficiency, and public policy
Market-determined prices lead to efficient outcomes when they account for full effects on others
When prices fail to capture significant effects, markets fail and require other remedies
Adam Smith’s claim about the pursuit of self-interest by businessmen is mentioned
Pareto-inefficient market allocation is described as market failure
Causes of market failure, including firms choosing price and output levels leading to Pareto inefficiency, are discussed
Competitive market allocation maximizes total surplus of producers and consumers, and is Pareto efficient if no one else is affected
Market allocation is unlikely to be Pareto efficient if decisions affect others not adequately taken into account, leading to another cause of market failure

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Test your knowledge of internet cookies with this interactive quiz. Explore the different types of cookies, their functions, and the impact of enabling or disabling them on website functionality and user experience.