IBE316quiz2 - IBE316: Economic Policy Quiz #2 Name: ID: 1....

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IBE316: Economic Policy Quiz #2 Name: ID: 1. The market failure referred to as incomplete markets is the failure of A) all people to demand all goods. B) some goods to be demanded because their competitive prices are too high. C) some goods to be provided because their prices are too low. D) some goods to be provided even though benefits would exceed costs. 2. A strictly positive approach to economic analysis would A) describe the likely consequences of government policy. B) accept only social welfare functions that weighed everyone equally. C) fail to capture the effects of providing merit goods. D) overlook negative externalities. 3. The marginal rate of transformation is the slope of A) a budget line. B) a utility possibilities curve. C) an indifference curve. D) a production possibilities curve. 4. Which of the following is NOT an example of market failure? A) De Beers controls the diamond market. B)
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IBE316quiz2 - IBE316: Economic Policy Quiz #2 Name: ID: 1....

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