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Gillespie: Foundations of Economics
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Gillespie: Foundations of Economics

Unit 8

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

If the price in a market is fixed by the government below equilibrium:

a) There is excess equilibrium

b) There is excess supply

c) There is excess demand

d) There is equilibrium

Question 2

If the price in a market is fixed by the government above equilibrium:

a) There is excess equilibrium

b) There is excess supply

c) There is excess demand

d) There is equilibrium

Question 3

Merit goods are:

a) Not provided in the free market economy

b) Under provided in the free market economy

c) Over provided in the free market economy

d) Provided free

Question 4

Agricultural prices tend to be unstable because:

a) Supply is price elastic

b) Demand is price elastic

c) Supply is stable

d) Demand and supply are price inelastic

Question 5

When supply increases in an agricultural market farmer's earnings might fall because:

a) Supply is price elastic

b) Demand is price inelastic

c) The government buys up all the excess production

d) All output must be sold at a maximum price

Question 6

Which of the following is the government most likely to subsidise?

a) Negative externalities

b) Positive externalities

c) Monopolies

d) Oligopolies

Question 7

With a positive externality:

a) There is under-consumption in the free market

b) There is over consumption in the free market

c) The government may tax to decrease production

d) Society could be made off if less was produced

Question 8

A public good:

a) Is provided by the government

b) Is free

c) Has the properties of being non-excludable and non-diminishable

d) Has external costs

Question 9

Nationalisation occurs when:

a) The government sells assets to a the private sector

b) The government bans a product

c) The government takes control of an industry

d) The government taxes a product to a raise its price

Question 10

If a maximum price is set below equilibrium there will be:

a) A price fall

b) A price increase

c) Excess supply

d) Excess demand

Oxford University Press, Online Resource Centre, Unit 8.