Market failure and asymmetry trivia

20 Market failure and asymmetry trivia questions, no sign-in. Review your misses in the LoreUp app.

• Which is the clearest example of a public good?Market failure and asymmetry
• What do we call a situation in which leaving things to the market does not allocate resources efficiently?Market failure and asymmetry
• What do we call the property whereby people who paid nothing are hard to keep from using something?Market failure and asymmetry
• Left to the market, resources are divided up properly, so there is no reason for government to step in.Market failure and asymmetry
• What do we call a case that harms others, such as a factory releasing pollutants?Market failure and asymmetry
• What do we call a case that also benefits others, such as vaccination?Market failure and asymmetry
• What do we call the property whereby one person's consumption does not reduce what is left for others?Market failure and asymmetry
• Which method taxes polluting firms so that the social cost is reflected in the price?Market failure and asymmetry
• Who is commonly expected to fix things when market failure appears?Market failure and asymmetry
• What do we call someone who tries to enjoy the benefits of a public good without paying the cost?Market failure and asymmetry
• What do we call harm or benefit not reflected in the transaction price, such as a factory's smoke?Market failure and asymmetry
• Adverse selection appears only in markets where information is fully disclosed.Market failure and asymmetry
• An externality is a cost or benefit not reflected in the market price of a transaction.Market failure and asymmetry
• Someone who tries to enjoy the benefits of a public good without paying the cost is called a free rider.Market failure and asymmetry
• Moral hazard means the phenomenon in which only high-risk counterparties come forward before a contract is signed.Market failure and asymmetry
• A case that also benefits others, such as vaccination, is called a positive externality.Market failure and asymmetry
• Public goods such as national defense and street lighting are non-rival: one person consuming them does not reduce anyone else's consumption.Market failure and asymmetry
• National defense and street lighting are classic examples of public goods.Market failure and asymmetry
• When a problem arises that leaving things to the market does not solve, it is called market failure.Market failure and asymmetry
• The harm neighbors suffer from a factory's smoke is fully reflected in the price of the product.Market failure and asymmetry