Microeconomics Quiz # 12

Instructions
Quiz: Microeconomics Quiz # 12
Subject: Market Failure
Total Questions: 30 MCQs
Time: 30 Minutes

Note

  • Do not refresh the page while taking the test.
  • Results along with correct answers will be shown at the end of the test.
Microeconomics Quiz # 12
Question 1 of 30
00:00
  • Benefiting from asymmetric information is known as ______.

  • In the labor market, things like education level and grades are ______.

  • What did government expenditures do between 1950 and 1975?

  • What event in 2008–2009 had a lasting influence on government expenditures?

  • Most federal taxes are aimed at ______.

  • Payroll taxes are levied on ______-related income.

  • The current federal income tax is a ______ tax.

  • What do we call a sales tax on individual products such as alcohol, tobacco, and gasoline?

  • The fraction of additional income paid in taxes is called the ______ tax rate.

  • Historically, most state and local tax revenue has come from ______ taxes.

  • A flat tax is also called a ______.

  • Public choice economists believe that government actions are an outgrowth of ______.

  • The application of economics to politics is known as ______.

  • The lack of incentive to be informed is known as ______.

  • Special interest groups ______.

  • When individuals and firms use resources, like money and lobbyists, to influence government to grant them special privileges, it is known as ______.

  • When politicians trade votes for their legislation, it is known as ______.

  • Which of the following is used to explain why the demand curve has a downward slope?

  • Which of the following do economists define as equal to one unit of satisfaction?

  • Economists recognize that it is not really possible to make ______ utility comparisons.

  • As consumption increases, ______ also increases.

  • What happens to marginal utility as consumption increases?

  • Extra satisfaction generated by consumption of an additional good or service during a specific time period is known as ______.

  • Because of the law of diminishing marginal utility, the marginal utility curve has a(n) ______ slope.

  • A consumer will stop buying one good and start buying a second good if she gets ______.

  • Consumer equilibrium occurs when all goods ______.

  • If a movie ticket and a dance recital ticket cost the same, but the marginal utility of the dance recital ticket is greater than the marginal utility of the movie ticket, then consumers will buy ______.

  • At consumer equilibrium, the marginal utility per dollar for smartphones and tablets would be ______.

  • Behavioral economics augments the traditional economic model by drawing on which of the following fields?

  • When consumers rely on decisions they feel have worked well enough in the past, they are using ______.