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quiz 3 - Quiz_3005 An example of a positive externality...

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Quiz_3005 An example of a positive externality would be: Possible Answers A. repainting the house you live in. B. graduating from college. C. cleaning up the sidewalk on your block. D. all of the above. 2. Quiz_3043 If a firm raised its price and discovered that its total revenue fell, then the demand for its product is: Possible Answers 3. Quiz_3002 An externality is: Possible Answers A. a cost paid for by the producer of a good or service. B. a benefit or cost felt by someone who is not a producer or consumer of a good or service. C. a benefit realized by the purchaser of a good or service. D. anything that is external or not relevant to the production of a good or service. 4. Quiz_3012 If figure 5.2, the efficient output is: Possible Answers
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5. Quiz_3013 If figure 5.2, the dead weight loss due to the externality is: Possible Answers A. F+J B. A+B+C+E+F C. H+L D. T+U 6. Quiz_3029 A horizontal demand curve is: Possible Answers 7. Quiz_3018 A good or service is considered to be excludable: Possible Answers A. when all people can be considered as an owner and no one is excluded from ownership. B. if you can't keep other people who did not pay for the item from enjoying its benefits. C. if you can keep other people who did not pay for the item from enjoying its benefits. D. when you consume a unit of the good, there is one less for everyone else.
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8. Quiz_3014 A free market fails: Possible Answers 9. Quiz_3023 If you buy a product for your own use, it is a: Possible Answers 10. Quiz_3026 Price elasticity of demand measures: Possible Answers
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