1. During periods of deflation _____ will be hurt and _____ will be helped.
Answer
Correct Answer:
Borrowers; lenders
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2. In the labor market, things like education level and grades are ______.
Answer
Correct Answer:
Signals
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3. Benefiting from asymmetric information is known as ______.
Answer
Correct Answer:
Adverse selection
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4. Asymmetric information is information that is ______.
Answer
Correct Answer:
Available to one party in a transaction but not the other
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5. Free riders are people who ______.
Answer
Correct Answer:
Take advantage of benefits without paying for them
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6. The use of public goods is ______.
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Correct Answer:
Available to multiple people
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7. A private good is ______.
Answer
Correct Answer:
Rival and excludable
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8. Greater numbers of transactors make negotiations______.
Answer
Correct Answer:
Harder
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9. Transaction costs exclude ______.
Answer
Correct Answer:
The cost of the goods or services bought
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10. The idea that when the benefits are greater than the costs for some course of action, potential transactions can make some people better off without making anyone worse off is the ______.
Answer
Correct Answer:
Coase theorem
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11. It is probable that pollution regulation is subject to ______.
Answer
Correct Answer:
Diminishing returns
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12. If firms had to pay for the externalities they cause, production costs would ______.
Answer
Correct Answer:
Increase
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13. Because of scarcity, clean air ______.
Answer
Correct Answer:
Has a cost
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14. An educated population is an example of a(n) ______.
Answer
Correct Answer:
Positive externality
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15. Corrective ______ are used to internalize negative externalities.
Answer
Correct Answer:
Taxes
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16. How is a firm’s production influenced by a negative externality?
Answer
Correct Answer:
It will produce more than efficient output.
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17. Rights given to a firm to discharge a specified amount of pollution is called
Answer
Correct Answer:
Transferable pollution Rights
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18. A good that is nonrivalrous in consumption and nonexcludable known as
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Correct Answer:
Public Good
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19. A good with rivalrous consumption and excludability is called
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Correct Answer:
Private Good
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20. Positive externality is When ____ spill over to an outside party
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Correct Answer:
Benefits
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21. Negative externality is When ___ spill over to an outside party
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Correct Answer:
Costs
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22. Moral hazard is Taking additional risks because you are
Answer
Correct Answer:
Both of these
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23. Someone who derives benefits from something not paid for is Known as
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Correct Answer:
Free Rider
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24. Common resource is a good that is rival in ____ and nonexcludable
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Correct Answer:
Consumption
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25. _____ are Goods that are nonrival in consumption and excludable
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Correct Answer:
Club Good
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26. According to _________ property rights are defined in a clear-cut fashion
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Correct Answer:
Coase Theorem
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27. _________ information is When the available information is initially distributed in favor of one party relative to another
Answer
Correct Answer:
Asymmetric information
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28. Situation where an informed party benefits in an exchange by taking advantage of knowing more than the other party is called
Answer
Correct Answer:
Adverse selection
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