Market Failure Mastery

Froggy Jumps

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Test your understanding of market failure concepts.

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Montex

Canada

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Froggy Jumps Market Failure MasteryOnline version Test your understanding of market failure concepts. by Montex 1 What are goods that are non-excludable and non-exhaustible called? a Public goods b Merit goods c Private goods 2 Which concept describes spillover effects benefiting or harming a third party? a Monopolies b Externalities c Public goods 3 A government subsidy aims to boost which type of goods that are under-consumed? a Public goods b Inferior goods c Merit goods 4 Which market failure leads to higher prices and lower output due to one firm? a Public goods b Monopoly c Externalities 5 What term describes the market failure when society benefits more from a good than the private buyer? a Public good under-provision b Negative externalities c Merit goods under-consumption 6 What is the market failure when the price does not reflect the true social cost? a Public costs b Merit costs c External costs (negative externalities) 7 Which intervention provides goods financed by taxes to correct a market failure? a Private market solution b Tariff protection c Public provision by government 8 Which type of externality occurs when production harms a third party? a Negative externality b Positive externality c Neutral externality 9 Which term describes the lack of private provision of a good that society needs? a Market equilibrium failure b Missing market for public goods c Perfect competition 10 What happens to unemployment when market failure retrenches workers and reduces output? a No effect on employment b Unemployment falls c Retrenchment and unemployment rise

Froggy Jumps

Market Failure MasteryOnline version

Test your understanding of market failure concepts.

by Montex

What are goods that are non-excludable and non-exhaustible called?

Public goods

Merit goods

Private goods

Which concept describes spillover effects benefiting or harming a third party?

Monopolies

Externalities

Public goods

A government subsidy aims to boost which type of goods that are under-consumed?

Public goods

Inferior goods

Merit goods

Which market failure leads to higher prices and lower output due to one firm?

Public goods

Monopoly

Externalities

What term describes the market failure when society benefits more from a good than the private buyer?

Public good under-provision

Negative externalities

Merit goods under-consumption

What is the market failure when the price does not reflect the true social cost?

Public costs

Merit costs

External costs (negative externalities)

Which intervention provides goods financed by taxes to correct a market failure?

Private market solution

Tariff protection

Public provision by government

Which type of externality occurs when production harms a third party?

Negative externality

Positive externality

Neutral externality

Which term describes the lack of private provision of a good that society needs?

Market equilibrium failure

Missing market for public goods

Perfect competition

What happens to unemployment when market failure retrenches workers and reduces output?

No effect on employment

Unemployment falls

Retrenchment and unemployment rise

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Market Failure Mastery

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Market Failure MasteryOnline version

by Montex

What are goods that are non-excludable and non-exhaustible called?

Which concept describes spillover effects benefiting or harming a third party?

A government subsidy aims to boost which type of goods that are under-consumed?

Which market failure leads to higher prices and lower output due to one firm?

What term describes the market failure when society benefits more from a good than the private buyer?

What is the market failure when the price does not reflect the true social cost?

Which intervention provides goods financed by taxes to correct a market failure?

Which type of externality occurs when production harms a third party?

Which term describes the lack of private provision of a good that society needs?

What happens to unemployment when market failure retrenches workers and reduces output?

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