Podcast
Questions and Answers
What defines a private good?
What defines a private good?
- It is a good that generates externalities
- It is an excludable, rival good (correct)
- It is a product of the public sector
- It is a non-excludable, non-rival good
Which term describes the legal ownership of a resource?
Which term describes the legal ownership of a resource?
- Quasi-public good
- Public good
- Regulation
- Property right (correct)
What does the productivity gap measure?
What does the productivity gap measure?
- Difference in public and private good production
- Difference in productivity of UK labor compared to other countries (correct)
- Difference in property rights protection
- Difference in regulation between countries
Which term refers to goods that are non-excludable and non-rival?
Which term refers to goods that are non-excludable and non-rival?
What does regulatory capture refer to?
What does regulatory capture refer to?
What term best describes goods where the social costs in consumption exceed the private costs in consumption?
What term best describes goods where the social costs in consumption exceed the private costs in consumption?
Which term refers to resources not being distributed optimally?
Which term refers to resources not being distributed optimally?
What is the term for a good or service where you are unable to prevent non-paying consumers from benefiting or using it?
What is the term for a good or service where you are unable to prevent non-paying consumers from benefiting or using it?
When workers find it difficult to transfer between different occupations due to a lack of transferable skills, what situation is this known as?
When workers find it difficult to transfer between different occupations due to a lack of transferable skills, what situation is this known as?
What term describes the situation where the market is producing a good or service, but at the wrong quantity or price?
What term describes the situation where the market is producing a good or service, but at the wrong quantity or price?
Which term refers to positive external effects imposed on society derived from the production or consumption of a good or service?
Which term refers to positive external effects imposed on society derived from the production or consumption of a good or service?
What is the term used to describe goods where the social costs in consumption exceed the private costs in consumption?
What is the term used to describe goods where the social costs in consumption exceed the private costs in consumption?
Which government intervention reduces monopoly power and introduces competition to reduce consumer exploitation?
Which government intervention reduces monopoly power and introduces competition to reduce consumer exploitation?
What do we call external effects imposed on society derived from the production or consumption of a good or service?
What do we call external effects imposed on society derived from the production or consumption of a good or service?
Which organization aims to enhance UK industry performance by promoting innovation and business development?
Which organization aims to enhance UK industry performance by promoting innovation and business development?
What are taxes that are a percentage of price called?
What are taxes that are a percentage of price called?
Which term is used when one party knows more or has better information than the other party in a transaction?
Which term is used when one party knows more or has better information than the other party in a transaction?
