Market Failure & Role of Government [AP (Advanced Placement) Microeconomics]: Questions 1 - 4 of 39

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Question 1

Appeared in Year: 2017

Question MCQ▾

With reference to the characteristics of non excludability and non rivalry, Law and Order is an example of:

Choices

Choice (5)Response

a.

Negative externality

b.

A public good

c.

Increasing returns a public good

d.

A positive externality

e.

None of the above

Edit

Question 2

Appeared in Year: 2014

Question Match List-Ⅰ List-Ⅱ▾

Match the items given in List – I with those in List – II: (June)

List-Ⅰ (Group I)List-Ⅱ (Group II)
(A)

Impossibility theorem

(i)

Kenneth Arrow

(B)

Optimum provision of local Public goods

(ii)

James Buchanan

(C)

Political of Decision Making Model

(iii)

Charles Tiebout

(D)

Theory of Clubs

(iv)

Anthony Downs

Choices

Choice (5)Response
  • (A)
  • (B)
  • (C)
  • (D)

a.

  • (iii)
  • (ii)
  • (iv)
  • (i)

b.

  • (iv)
  • (ii)
  • (iii)
  • (i)

c.

  • (i)
  • (iii)
  • (iv)
  • (ii)

d.

  • (i)
  • (ii)
  • (iii)
  • (iv)

e.

All of the above

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Question 3

Appeared in Year: 2017

Question MCQ▾

A public good is

(i) Non excludable in nature

(ii) Non rival in consumption

(iii) Excludable in nature

(iv) A good that public must possess

Select the correct answer from answer form the codes given below:

Choices

Choice (5)Response

a.

Only (iv)

b.

(i) and (ii)

c.

(iii) and (iv)

d.

Only (iii)

e.

All of the above

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Question 4

Appeared in Year: 2014

Question MCQ▾

Which of the following methods would be used for estimation of price change of a house due to either pollution or good environment like existence of park and scenic beauty? (June)

Choices

Choice (5)Response

a.

Contingent Valuation Method

b.

Externality Effects

c.

Hedonic Method

d.

All of the above

e.

None of the above

Edit